Market Stats and Trends - Dec/05
2005 RECORD YEAR FOR FRASER VALLEY
REAL ESTATE
(Surrey, BC) – Fraser Valley’s real estate market experienced its busiest year ever in 2005.With 21,282 sales processed through the multiple Listing Service® (MLS®), 2005 trounced the previous sales record of 20,600 sales set in 1992. Sales increased by 17 per cent compared to 2004, and a staggering 110 per cent compared to sales five years ago in 2000. Total dollar volume of sales was $6.9 billion, an increase of 30 per cent from 2004.
“The biggest increase was in residential sales,” said Jake Siemens, president of the Fraser Valley Real Estate Board. “We sold almost 20 per cent more condos, townhomes and detached homes in 2005 compared to 2004. Obviously, more people are moving to the Fraser Valley.”
“Very competitive interest rates and housing affordability in the Fraser Valley remain key factors in our sales growth,” explained Siemens. “Even though prices have risen steadily over the last couple of years, you can stillget into the Fraser Valley market for less than $250,000.”
Sales started slowly in 2005 but immediately began to climb in the spring, with April through to December breaking numerous sales records. In December, 1,218 sales were processed, an increase of 8.5 per cent compared to 2004 and the third highest December on record.
In December, the average price of a single-family detached house in the Fraser Valley was $410,246, an increase of 17.5 per cent compared to $349,006 in December 2004.
Townhouses sold for an average price of $259,348 in December, an increase of 17.8 per cent from 2004’s $220,198. The average apartment price went up 15.4 per cent in one year, from the December 2004 figure of $145,949, to $168,465 by 2005.
Information and photos of all Fraser Valley Real Estate Board listings can be found on the national, public MLS® advertising web site www.mls.ca. Using the services of a Realtor®, who has detailed access to the full, private MLS® database, is the most effective way to purchase your new home. Further market statistics can be found on the Board’s web page at www.fvreb.bc.ca. The Fraser Valley Real Estate Board is an association of 2,482 real estate professionals who live and work in the communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission.
The full Fraser Valley Real Estate Board's Housing Statistics and Market Trends package can be found by CLICKING HERE.
The Schacter Team - Your Langley Real Estate Experts