"I keep trying to find another word other than stable," says Scott Olson, president of the Fraser Valley Real Estate Board, "but it continues to be the best way to describe the Fraser Valley market."
Sales and Listings
FVREB MLS® sales were typical for July: 1,393 homes sold, a drop of 5 per cent from the previous month. There were 2,938 new listings, just over June's number and about the same as last July's. With 10,813 homes on the market, the sales-to-listing ratio for July was 12.9 per cent.
It's clear from this continued stability that the Fraser Valley attracts buyers who see their home as a place to live rather than as part of an investment portfolio. In July, Fraser Valley home sales were up 5 per cent over last July. That's in contrast to Greater Vancouver's12-year low for July sales, which can be blamed in part on a noticeable drop in the number of investors in the market.
What's Up, What's Down - At a Glance July 2012/June 2012 July 2012/ July 2011 Overall Sales -4.8% +5.4% - Detached -8.0% +1.4% - Attached +0.7% +25.4% - Apartment +25.8% +6.6% New Listings +1.4% +0.2% Active Listings +1.3% +7.3%
MLS® Home Price Index & Benchmark Prices
The secret to the success of the Fraser Valley market is the fact that people get more for their money there. It's a good place to get into the market and still have money left over for a life.
As Scott Olson says, "One factor in our favour and likely influencing our market is greater affordability. We sold 25 per cent more townhomes in July 2012 and 7 per cent more condos compared to the same month last year, with over half of the townhomes selling for less than $325,000 and half of the condos for less than $210,000."
The sale of single-family detached homes in the Fraser Valley increased by only 1 per cent in July compared to last year. The area that experienced the greatest year-over-year decrease in sales at 32 per cent was South Surrey/White Rock where a typical single-family detached home was valued at just under $880,000."
South Surrey/White Rock was an investor hotspot that saw an 11.6% jump in median prices in 2011. So, like the Vancouver markets where the investor influence boosted prices, this area is feeling it now that investors have put their wallets back in their pockets.
Fraser Valley MLS® Benchmark Prices, % Change July 2012 June 2012 July 2011 Detached $551,400 +0.1% +3.4% Attached $303,400 -0.5% -0.6% Apartment $206,200 +01.0% +2.5%
You can read the Fraser Valley Real Estate Board's full breakdown of statistics here.
