Spring is to Real Estate Agents what Christmas is to retailers, so February's home sales, listings and price numbers tend to indicate just how jolly a season it will be. In the Fraser Valley the latest statistics don't warrant hearty fa-la-las, but there are reasons to smile quietly and perhaps raise a small glass of sherry.
Sales and Listings
Sales of all MLS®-listed properties* increased from January by a respectable 48 per cent (49.5 per cent for home sales alone). That compares to February/January increases of 59 per cent in 2012, 53 per cent in 2011, and a mere 23 per cent during the 2010 Olympics when everybody was otherwise occupied.
Homes took a lot less time to sell, too. Houses sold in an average of 49 days, 15 days quicker than in January. Townhouses spent 60 days on the market, down 12 days from the previous month. And apartments shaved 17 days off their time on market, to 66 days.
These are among the signs that encourage Ron Todson, the new President of the Fraser Valley Real Estate Board. "Business has picked up in the last month with increased traffic at open houses, sellers quicker to accept offers and homes selling on average two weeks faster than they did in January," he says.
Despite the promising signs, though, sales numbers are still stuck at early-2000s levels.
There's a big gap between the number of February sales this year and last year. Home sales fell by 27.3 per cent in the Fraser Valley. That's very similar to the situation in Greater Vancouver, where sales dropped by 29.4 per cent. Looks like buyers throughout the region are still hanging back. It's a bit of a surprise, seeing the First Time Home Buyers' Bonus, a tax credit of up to $10,000, expires at the end of this month.
What's Up, What's Down - At a Glance Feb /Jan 2013 Feb 2013/ Feb2012 Overall Home Sales +49.5% -27.3% - Detached +40.4% -32.1% - Townhouse +52.5% -30.0% - Apartment +72.1% -9.0% New Listings -5.8% -12.9% Active Listings +9.8% no change The sales-to-active listings ratio has been bouncing around in the eight-to-ten per cent range since last August, and it hasn't broken out yet, but as this is the beginning of the major buying season of the year, it should improve this month... if buyers and sellers behave as they usually do in spring.
Fraser Valley Real Estate Board sales to active listings february 2013
MLS® Benchmark Prices
Benchmark prices continue to hold steady despite lacklustre sales. The benchmark is based on the current price of a typical example of each type of home for its area.
For detached houses, the benchmark price is up slightly over last February throughout the FVREB region, except for a 0.8 per cent decrease in North Delta and a 4.3 per cent decrease in South Surrey White Rock. With a benchmark price that's almost $300,000 higher than the next-most-expensive area ( Cloverdale), White Rock is reflecting the drop in luxury home sales.
As Ron Todson says, "What's not doing well generally anywhere in the Fraser Valley is sales of higher-end homes unless they are priced competitively."
Townhouse prices are generally down from last February, with South Surrey White Rock again bucking the trend. Benchmark prices are up 4.8 per cent in SSWR and 1.8 per cent in North Delta. The largest price change was in North Surrey, where townhouse prices dropped by 8.2 per cent from February 2012.
In condos, prices rose in Cloverdale, Abbotsford, South Surrey White Rock and Langley compared to last February. They fell in Central Surrey, North Surrey, North Delta and Mission. The biggest change was a 4.6 per cent rise in Abbotsford.
To see prices broken down by municipality and type, check out the full FVREB stats package. Fraser Valley MLS® Benchmark Prices, % Change Feb 2013 Jan 2013 Feb 2012 Detached $540,900 +0.1% +0.7% Townhouse $296,700 +1.0% -1.3% Apartment $202,500 +1.0% +1.5% So the story remains the same as it has for several months: slow sales, sticky prices.
* FVREB's overall sales numbers include all types of property including commercial, agricultural and industrial.
See also:
Real Estate Signs: Pros Predict the Spring Market
