FVREB Market Stats & Trends - November, 2008
AFFORDABILITY AND OPPORTUNITY INCREASE IN FRASER VALLEY REAL ESTATE
(Surrey, BC) – Property sales in the Fraser Valley decreased by 62 per cent in November compared to the same month last year, moving from 1,327 sales on the Multiple Listing Service® (MLS®) in November 2007 to 507 sales for the same period in 2008.
“We’re seeing the combined effects of a lack of consumer confi dence with the overall global economy added to a typical,seasonal slowdown in real estate,” says Kelvin Neufeld, President of the Fraser Valley Real Estate Board. “This new buyers’market is creating excellent opportunities; in particular, for those buying a larger home, in prime locations or lookingfor an affordable purchase.”
Neufeld explains how upgrading from an average townhome in the Fraser Valley to an average single family detachedhome is more affordable than it was six months ago. “Compared to May 2008, average detached home prices have decreasedby 6.8 per cent and townhomes by 6.2. Since detached homes have greater value, a person upgrading now isspending thousands of dollars less than they would have six months ago.
“This is an excellent market in which to fi nd quality properties because fewer people are buying.”
The average price of a single family detached home in the Fraser Valley in November was $511,698, increasing by 0.1 per cent from $511,176 the same month last year but a decrease of 6.8 per cent since the peak of the market in May. Townhomes went for an average $319,883 last month, a decrease of 1.7 per cent compared to November of last year when they averaged $325,409 and a decrease of 6.2 per cent since May. The average price of an apartment in November was $213,801, a decrease of 0.6 per cent compared to $215,118 last year and a decrease of 6.9 per cent compared to May 2008.
While average prices remained stable or decreased modestly over one year, the benchmark prices, or the price of a “typical” home in the Fraser Valley in all three residential categories decreased by larger margins. The benchmark price for single family detached decreased by 6.6 per cent in one year, townhomes decreased by 5 per cent and apartments by 6.1
per cent.
Neufeld explains, “The housing price index is the most consistent barometre of prices because it measures a constant product, whereas average and median prices are affected when more expensive or more economical homes sell.
“REALTORS® watch benchmark prices closely. November’s numbers are telling us that typical homes in the Fraser Valley are becoming more affordable. That’s great news for families wanting to buy rather than rent, in order to have a smart, long-term investment.”
The Board received 1,866 new listings in November, a 13 per cent decrease from the 2,154 new listings received during the same month last year, taking the number of active listings to 11,800, 47 per cent higher than November of last year, but only 1 per cent higher than October 2008.
Information and photos of all Fraser Valley Real Estate Board listings can be found on the national, public website http://www.mls.ca/. Further market statistics can be found on the Board’s website at http://www.fvreb.bc.ca/. The Fraser Valley Real Estate Board is an association of 3,080 real estate professionals who live and work in the communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission.
View the entire stats package here:
Fraser Valley Real Estate Board's Market Stats and Trends package for November, 2008.
The Schacter Team - Langley Realtors