Vancouver

Fraser Valley Home Sales up 10% Year over Year: FVREB

Benchmark prices for all housing types fell 0.2 per cent compared with a month earlier but rose 1.3 per cent compared with September 2013, says real estate board

By
REW.ca
October 2, 2014






Fraser Valley

MLS® sales in the Fraser Valley last month saw the most activity for September since 2009, with sales for all housing types rising 10.1 per cent year over year, according to Fraser Valley Real Estate Board (FVREB) figures released October 2.

Benchmark prices for all housing types fell 0.2 per cent compared with a month earlier but rose 1.3 per cent compared with September 2013.

Ray Werger, FVREB president, said, “An important factor underlying the housing market is consumer confidence and in our region that confidence has been bolstered by the stability of home prices. Since March, the benchmark price of our three main residential property types combined has remained flat, increasing by only 0.6 per cent.

“Long-term, the value of single-family detached homes has increased at a faster pace than it has for attached properties, particularly in areas such as Surrey, White Rock, Langley and Abbotsford where we’ve seen many new townhome and condo developments. The supply of new inventory has affected the price of resale product.”

Sales and Listings

Sales for detached, townhouses and condos reached 1,235 in September, compared with 1,113 in September 2013 and 1,125 in August 2014. Sales in all housing categories were up across the board, both month over month and year over year. Of September sales, 716 were detached houses (compared with 669 last September), 294 were townhouses (compared with 256 last year), and 225 were condos traded hands (up from 188 the year before).

Fraser Valley: What's Up, What's Down
  Sept/Aug 2014 Sept 2014/Sept 2013
Overall Home Sales +9.7% +10.1%
- Detached +7.0% +28.1%
- Townhouse +11.4% +14.8%
- Apartment +17.7% +20.2%
New Listings +17.9% +13.7%
Active Listings -2.2% -8.6%
 

New listings were not only up from August, as expected, but were also up year over year, with 2,306 homes hitting the market last month, compared with 2028 in September 2013.

Active listings on the Fraser Valley market in September stood at 6,551 homes: 3,376 houses, 1,463 townhouses and 1,712 condos.

MLS® Benchmark Prices

The combined MLS® Home Price Index benchmark price of all residential property types in September in the Fraser Valley was $433,700, an increase of 1.3 per cent compared with September 2013 but a decline of 0.2 per cent compared with a month earlier.

This slight month-over-month decline was driven by the region's sliding condo prices, which fell to $193,600 in September, a 1.6 per cent month-over-month decrease and a fall of 4.7 per cent year over year.

A single-family detached home in September was $569,800, exactly the same as August 2014 but an increase of 3.1 per cent compared to September 2013, when it was $552,900.

Townhouses were selling for $299,600, an increase of 1.1 per cent compared to $296,200 in September of last year, and in the last six months has increased by 0.8 per cent.

 

Fraser Valley MLS® Benchmark Prices,
% Change
  Sept 2014 Aug 2014 Sept 2013
Combined $433,700 -0.2% +1.3%
-Detached $569,800 0.0% +3.1%
-Townhouse $299,600 +0.4% +1.1%
-Apartment $193,600 -1.6% -4.7%

 


Read the full report, broken down by community, here.


* FVREB's overall sales numbers include all types of property including commercial, agricultural and industrial. The statistics given in this article are strictly residential, covering detached houses, townhouses and apartments.


Joannah Connolly has been editor and content manager of REW.ca since May 2014. Joannah has appeared on major local TV outlets as a real estate commentator, and has moderated and spoken on several industry panels. During this time, she also spent two years hosting the Real Estate Therapist radio show on Roundhouse Radio 98.3FM. A dual Canadian-British citizen, Joannah has 20 years of journalism experience in Vancouver and London, with a prior background in construction, architecture and business media.
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