Fraser Valley home sales for the whole of 2014 increased by 14.7 per cent compared to 2013, according to the Fraser Valley Real Estate Board's latest figures, released January 5.
The board also released figures for December 2014, and reported that year over year, sales had increased 18.2 per cent in the region, which covers Abbotsford, Langley, Mission, North Delta, Surrey and South Surrey White Rock
According to Fraser Valley Real Estate Board president Ray Werger, "It was a busy year for both buyers and sellers. In 2014, both sales and new listings were stronger in Fraser Valley compared to 2013 – most notably for detached homes and townhomes – with the result that we’ve returned to normal market activity for our region on par with our 10‐year average."
Every month in 2014, more homes sold than in the same month of 2013.
Home sales for the whole year increased by 14.7 per cent compared to 2013. A total of 13,846 homes sold in 2014, including 8,095 detached houses, 3,320 townhouses and 2,431 condos. Houses and townhouses saw the biggest sales increases – 17.5 per cent and 16.2 per cent respectively – while condo sales increased by 4.7 per cent.
New listings picked up in 2014 as well, but did not increase at the same pace as sales, particularly in the detached category. Only 1.5 per cent more houses went on the market in 2014 than in 2013. New listings for townhouses were up by 11.4 per cent, and new listings for condos increased by 6.9 per cent.
Median prices for all three housing types increased in 2014. The median price (where half the prices are above and half are below) for a detached house in the FVREB region** rose 4.7 per cent, from $548,000 in 2013 to $574,000 last year. Townhouse values increased 1.9 per cent, from $324,700 to $331,000 in 2014. And the median price for the average Fraser Valley condo went up 3.5 per cent, from $200,000 in 2013 to $207,000. However, condos are still playing catch-up. They are currently priced 1.4 per cent lower than they were in 2009.
December Sales and Listings
Activity generally declines through December, but the really big drops in sales came in November, so December's decreases were moderate. There was even a slight increase in condo sales: 172 apartments sold in December compared to 163 in November.
But December 2014 was a banner month compared to December 2013, with marked increases in home sales in all three categories, and marked decreases in active listings.
Ray Werger commented, "It was the third busiest December we’ve experienced in the last decade with sales almost keeping pace with the number of new listings. As a result, we’ve seen our inventory deplete, which is normal for this time of year however, our selection hasn’t been this low for almost eight years. We hope to see the usual influx of new listings during the first quarter of 2015 because we’re currently seeing a shortage of affordably priced single family detached homes in certain areas."
|Dec / Nov 2014||Dec 2014/ Dec 2013|
|Overall Home Sales||-7.5%||+18.2%|
In all, 903 homes were put on the market in December: 496 were detached houses, 196 were townhouses and 211 were condos.
December ended with 4,363 active listings on the Fraser Valley market, including 2,067 detached houses, 977 townhouses and 1,319 condos. There were almost a thousand more homes available in December 2013. The January numbers will tell us if the current steady, normal market will encourage home owners to put their homes up for sale and ease the inventory crunch.
MLS® Benchmark Prices
Prices continued to hold steady, with only slight movement up or down.
|Dec 2014||Dec/Nov 2014||Dec 2014/2013|
The biggest price jump in 2014 was in White Rock/South Surrey where the benchmark price of a detached house rose 8.9 per cent, from $854,300 to $930,500. But at the same time, the price of a townhouse dropped 9.8 per cent from $458,900 to $413,800.
North Delta had the most consistent price increases in 2014, with houses up 5.2 per cent, townhouses up 7.0 per cent and condos up 7.2 per cent. Benchmark prices there are $558,400 for a house, $319,000 for a townhouse and $163,000 for a condo apartment.
To see home prices, sales and listings broken down by community, see the FVREB December 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.