Fraser Valley MLS® home sales in January increased nearly 10 per cent year over year, rising in every residential property category, according to figures released by the Fraser Valley Real Estate Board February 3.
However, the 731 sales in January represented a drop of more than 18 per cent compared with December 2014's 896 sales.
Ray Werger, president of the board, said, "We’re typically a little slower post‐holiday season and this year echoed that trend until about mid‐month, when we noticed inquiries from interested buyers start to pick up at a number of our offices – including an increase in calls from first‐timers."
"Can we attribute it to the interest rate drop? We can’t know what specifically motivated them to act, but we do know that stability generates confidence in the economy and confidence stimulates the housing market."
Detached home sales were up 7.1 per cent year over year and were also the only property type to increase month over month, rising 16.7 per cent compared with December
The overall year-over-year increase was once again driven by the popularity of townhouses, which rose 22.4 per cent compared with last year, although fell 19 per cent month over month.
Fraser Valley: What's Up, What's Down Jan 15/ Dec 14 Jan 15/ Jan 14 Overall Home Sales -18.4% +9.8% - Detached +16.7% +7.1% - Townhouse -19.0% +22.4% - Apartment -22.7% +3.9% New Listings +133.9% -2.7% Active Listings +15.5% -4.7%
A total of 2112 residential properties were newly listed in the Fraser Valley in January. This was an anticipated increase compared with December, rising 133.9 per cent month over month, but a 2.7 per cent drop compared with January 2014. Active listings also rose month over month but fell year over year.
MLS® Benchmark Prices
Detached homes in the Fraser Valley were the only property type to see upward price movement in January 2015 compared with January 2014, rising 3.5 per cent year over year. Townhomes and condos in the region continued to decline in price year over year, although townhome prices did increase slightly compared with December.
Fraser Valley MLS® Benchmark Prices, % Change Dec 2014 Dec/Nov 2014 Dec 2014/2013 -Detached $571,700 -0.2% +3.5% -Townhouse $293,800 +0.1% -1.3% -Apartment $189,500 -0.8% -1.5%
The biggest price drops were seen in North Surrey, where the benchmark price of a condo fell 9.3 per cent year over year, and White Rock/South Surrey, where townhouse prices fell 8.8 per cent. However, detached homes in White Rock saw the Fraser Valley's largest price increase for that property type, at 6.6 per cent higher than January 2014.
To see home prices, sales and listings broken down by community, see the FVREB January 2015 statistics package.
For our infographic with headline statistics and benchmark prices broken down by area, click here.
- FVREB's overall sales numbers include all types of property listed on the MLS®, including commercial, agricultural and industrial. The statistics given in this article are strictly residential, covering detached houses, townhouses and apartments.
- The Fraser Valley Real Estate Board covers MLS® transactions in Abbotsford, Langley, Mission, North Delta, Surrey and South Surrey White Rock.
