According to the BC Real Estate Association, the Fraser Valley is the most active real estate market in the Lower Mainland so far this year. Greater Vancouver and Chilliwack have seen double-digit drops in dollar volume and unit sales over the same time last year, while the Fraser Valley has held steady.
Even at that, sales are still 4 per cent below the 10-year average. Fraser Valley Real Estate Board President says that is giving buyers more time to decide and more room to negotiate."In terms of our clients," he says," we're seeing more caution and deliberation while house hunting."
What's Up, What's Down - At a Glance m/m Feb 2012/Jan2012 y/y Feb 2012/ Feb 2011 Overall Sales +58.8% -0.8% - Detached +67.5% -2.1% - Attached +55.8% +13.2% - Apartment +43.8% -11.4% New Listings +7.2% -7.4.6% Active Listings +10.3% -1.5%
Benchmark Prices
The MLS® Home Price Index tracks the changes in benchmark prices for homes with similar features. It shows remarkable stability over the last year.
Fraser Valley MLS® Home Price Index 2005 to February 2012 Graph
Compared to the Lower Mainland (Detached -- $853,500, Attached -- $409,200, Apartment -- $346,200), the MLS® HPI benchmark prices for the Fraser Valley were significantly lower.
Fraser Valley MLS® HPI Benchmark Prices February 2012 January 2012 February 2011 Detached $569,200 $564,800 $525,400 Attached $311,900 $311,800 $305,700 Apartment $201,500 $199,600 $200,200
The MLS® HPI benchmark prices showed huge variation across the region. A typical detached house in Mission was pegged at $359,500 while one in South Surrey/White Rock would bring $909,100. Of the eight MLS® areas in the Fraser Valley, five had benchmark prices in the $500,000s.
Fraser Valley Real Estate Board MLS® Home Price Index Feb 2012 table
You can read the Fraser Valley Real Estate Board's full breakdown of statistics here.
