Market Stats and Trends Nov/06
SIX MONTHS OF INCREASING INVENTORY IN THE FRASER VALLEY
(Surrey, BC) – Fraser Valley buyers continued to have more selection, as the number of active listings increased by 37 per cent in November compared to the same month last year, according to figures released by the Fraser Valley Real Estate Board.
The total number of sales processed through the Multiple Listing Service® in November was 1,194, a decrease of 26 per cent compared to the same month last year when 1,620 sales were processed and on par with 1,211 sales processed in November 2004.
The total number of active listings increased from 5,386 active listings in November 2005 to 7,391 last month.
“Opportunity is knocking for buyers right now,” says David Rishel, president of the Board. “We’re seeing price increases ease up slightly, particularly in upper-end homes. However in general, prices in all residential categories remain strong.”
The average price of a single-family detached home in the Fraser Valley in November was $487,392, an increase of 18.7 per cent from 2005 when the average price was $410,709.
Townhouses sold for an average of $306,509 in November, an increase of 20.2 per cent from 2005 when the average price was $254,946. The average apartment price went up 23.2 per cent in one year, from November 2005’s average of $162,323, to $200,032 for 2006.
“During an adjusting market, it’s particularly advisable to call on your local REALTOR® to help you determine the right price because we have the expertise,” explains Rishel. “This year, Fraser Valley’s listing to sale price ratio for residential homes was 98 per cent. That means REALTORS® are helping their clients achieve 98 per cent of their list price.”
The Schacter Team - Langley Real Estate