Spring got off to a good start in Fraser Valley home sales. Compared to January, sales were up 44.7 per cent. That's still 10 per cent below the ten-year average, but it's 19.1 per cent higher than February sales a year ago.
Meanwhile, it took less time to sell a homeany kind of home. According to the Fraser Valley Real Estate Board, "In February, it took on average 51 days to sell a detached home compared to 58 days in January. Townhomes took 55 days on average to sell compared to 60 days the month before, and apartments spent an average of 70 days on the market in February compared to 86 days in January."
The speed of selling might be because there aren't that many resale homes on the market. Active listings in 2013 were at their lowest levels in six years, and we're not seeing any big influx of new listings. February's active listings were down 10.4 per cent from last February.
Sales and Listings
There were 964 MLS® home sales* in FVREB territory in January: 553 were detached houses (57.3 per cent of sales), 230 were townhouses or attached properties (23.8 per cent) and 181 were apartments (18.7 per cent).
What's Up, What's Down - At a Glance Feb/Jan 2014 Feb 2014/ Feb 2013 Overall Home Sales +44.7% +19.1% - Detached +40.0% +26.3% - Townhouse +60.8% +27.8% - Apartment +41.4% -5.2% New Listings -1.3% +3.7% Active Listings +10.4% -11.6%
New listings:2,142 homes came on the market in February, compared to 2,171 in January and 2,066 in February of 2013. That put the MLS® active listings total for residential properties at 5,837 at the end of February, with a sales-to-active-listings ratio of 16.5. By FVREB's definition, anything under 18 per cent is a considered a buyer's market.
MLS® Benchmark Prices
Fraser Valley MLS® Benchmark Prices, % Change Feb 2014 Jan 2014 Feb 2013 Detached $558,100 +1.0% +3.2% Townhouse $298,900 +0.4% +0.7% Apartment $193,200 +0.5% -4.6%
"Generally, we're finding for all property types if they're priced right there is a buyer," says FVREB president Ray Werger, "however, demand for single family detached homes and townhomes is the most consistent with certain pockets in Langley, Abbotsford and North Delta that are thriving, which is why prices for detached homes in those areas are either on par or elevated compared to last year.
"Fraser Valley's condo market, moderately busier in February, continues to favour buyers, offering excellent opportunities due to higher levels of inventory and prices comparable to what they were eight years ago."
This chart shows the trends in MLS® benchmark prices for resale homes. The Fraser Valley features many new developments, which are seldom listed on the MLS®. These add to the range of choices for home buyers and help keep resale condo and townhouse prices flat. Another factor might be commuting costs. Bridge tolls and higher gas prices can add $100$200 to a family's expenses, and that will be taken into account when they're shopping for a home.
For local market details, see the Fraser Valley Real Estate Board statistics, broken down by community. FVREB comprises North Delta, North Surrey, Surrey, Cloverdale, South Surrey & White Rock, Langley, Abbotsford and Mission.
* FVREB's overall sales numbers include all types of property including commercial, agricultural and industrial. The statistics given in this article are strictly residential.
See also:
Greater Vancouver Real Estate Market: February 2014
Metro Vancouver Housing Market Trends
Fraser Valley Real Estate Board MLS® Benchmark price chart
