March went out like a lamb in the Fraser Valley real estate market. It came in like one too, and stayed meek and mild all month. Sales were up over Februaryas expectedbut down 20 per cent from March of last year. That puts sales at 30.6 per cent below the ten-year average.
Meanwhile, prices keep hovering, not reflecting the sales slowdown. The fulcrum in this balancing act is inventory, which remains lower than normal because of a lack of growth in new listings.
Both buyers and sellers are still watching and waiting.
Sales and Listings
Overall MLS® real estate sales*in March reached 1,128, and increase of 24 per cent over February, but down 20 per cent compared to the 1,412 sales in March of 2012.
Of the March 2013 sales reported, 981 were residential property sales in the detached, townhouse or apartment categories. They were up 21.2 per cent from February's home sales, but down 21.6 per cent from those of last March.
New residential listings in the Fraser Valley Real Estate Board region were down 12 per cent from last March: 2,228 compared to 2,553 in March of 2012. Compared to February, new listings of homes were up 7.8 per cent.
Active residential listings barely moved. The relative drop in new listings left inventory levels static compared to last Marchonly 0.3 per cent more than last year. There were 7,083 homes for sale last month compared to 7,061 in March 2012.
Overall, there were 9,503 active listings in March (including homes and commercial, agricultural and industrial properties), a drop of 1.5 per cent from March 2012.
Despite the slow sales, the overall sales-to-active listings ratio reached 12 per cent in Marchthe first time it's been over 10 per cent since July 2012.
What's Up, What's Down - At a Glance Mar / Feb2013 Mar 2013/ Mar 2012 Overall Home Sales +21.2% -21.6% - Detached +23.5% -23.2% - Townhouse +40.0% -19.5% - Apartment -1.6% -19.7% New Listings +7.8% -12% Active Listings +7.3% +0.3%
"Although we saw a typical spring uptick in activity from February to March, our sales remained at about 70 per cent of the norm for March and our new listings came in at 90 per cent of what the Board would typically receive," says Ron Todson, FVREB president.
"Because inventory levels are in check, prices are staying in check."
MLS® Benchmark Prices
"Inventory levels are not as high as they need to be to put significant downward pressure on prices of the benchmark, or 'typical' home." says Todson.
"In fact, we're seeing the reverse happen. Benchmark prices for all three main property types in the Fraser Valley increased in value during the first quarter of 2013. Since January, detached homes are up by 1 per cent, townhomes by 0.6 per cent; and apartments by 2 per cent."
Fraser Valley MLS® Benchmark Prices, % Change Mar 2013 Feb 2013 Mar 2012 Detached $544,300 +0.6% +0.6% Townhouse $298,200 +0.5% -1.7% Apartment $204,200 +0.8% +0.8%
Here's a quick look at benchmark prices over the last year throughout the FVREB area.
Benchmark prices in FVREB region, changes over one year.
* FVREB's overall sales numbers include all types of property including commercial, agricultural and industrial.
You can view the full FVREB statistics package for March 2013 here.
See also:
Greater Vancouver Real Estate Market: March 2013
