As the year nears its end, the Fraser Valley real estate market continues the upward trends that have marked 2014. In the Fraser Valley Real Estate Board's November statistics package released December 2, president Ray Werger noted that, "We’re tracking towards a 15 per cent increase in year‐to‐date sales for 2014 compared to 2013, with prices remaining relatively stable.
"After a busy fall with volumes reaching five‐year highs, we’re winding down the year with sales on par with the 10‐year average, but about 8 per cent fewer new listings, therefore home buyers will notice a shortage of inventory in certain price ranges."
Sales and Listings
November sales for houses, townhouses and condos dropped to 969 from 1,286 in October, but that is to be expected as the winter slump hits the real estate market. However there were more than 100 more sales than in November 2013, a difference of over 12 per cent.
All three housing types saw year-over-year increases in sales, with single-family detached homes leading the way. There were 584 detached house sales compared with 497 in November 2013. Townhouse and condo sales went up slightly: 222 townhouses sold last month compared with 213 the previous November, and condo sales reached 163 compared with 154 last year.
|Nov / Oct 2014||Nov 2014/ Nov 2013|
|Overall Home Sales||-24.7%||+12.1%|
As is typical for November, far fewer homes went on sale. There were 1,359 new listings in all: 701 detached houses, 310 attached properties and 348 condos. While well below October's 1,961 new listings, that's very close to last November's total of 1,400.
With sales up and new listings down, there are currently 5,747 homes for sale in the FVREB region. Of these, 2,771 are detached houses, 1,301 are townhouses and 1,675 are condos. Compared with last November, active listings for houses have dropped by 14.3 per cent, while the supply of townhouses and condos has risen by 5.6 and 7.6 per cent respectively. So the shortage of inventory that Ray Werger mentioned will be primarily in the single-family-home market.
MLS® Benchmark Prices
Prices reflect the desirability — and decreasing inventory — of detached single-family homes in the Fraser Valley. While detached house prices increased, prices for townhouses and duplexes remained flat and condo prices dropped. This MLS® Home Price Index chart from the Fraser Valley Real Estate Board shows the comparative movement of benchmark prices for the three housing types.
The trend has been downward for Fraser Valley MLS® resale condos lately, due to the stiff competition from a rising inventory of new-build condos in the area. If you're in the market to buy a condo anywhere in the region, take a look at resale properties as well as new builds. You've got the advantage with MLS® resale condos. And if you're selling, talk to your Real Estate Agent about marketing strategies that make your apartment look as attractive as possible to potential buyers.
Here are the composite prices, by housing type, for the entire Fraser Valley Real Estate Board region.
|Nov 2014||Oct 2014||Nov 2013|
Next month's statistics will give us the definitive look at the 2014 home market in the Fraser Valley, but it's already proven to be a recovery year.
To see home prices, sales and listings broken down by community, see the FVREB November statistics package.
* FVREB's overall sales numbers include all types of property listed on the MLS®, including commercial, agricultural and industrial. The statistics given in this article are strictly residential, covering detached houses, townhouses and apartments.
The Fraser Valley Real Estate Board covers MLS® transactions in Abbotsford, Langley, Mission, North Delta, Surrey and South Surrey White Rock.