MLS® sales in the Fraser Valley last month saw the most activity for September since 2009, with sales for all housing types rising 10.1 per cent year over year, according to Fraser Valley Real Estate Board (FVREB) figures released October 2.
Benchmark prices for all housing types fell 0.2 per cent compared with a month earlier but rose 1.3 per cent compared with September 2013.
Ray Werger, FVREB president, said, “An important factor underlying the housing market is consumer confidence and in our region that confidence has been bolstered by the stability of home prices. Since March, the benchmark price of our three main residential property types combined has remained flat, increasing by only 0.6 per cent.
“Long-term, the value of single-family detached homes has increased at a faster pace than it has for attached properties, particularly in areas such as Surrey, White Rock, Langley and Abbotsford where we’ve seen many new townhome and condo developments. The supply of new inventory has affected the price of resale product.”
Sales and Listings
Sales for detached, townhouses and condos reached 1,235 in September, compared with 1,113 in September 2013 and 1,125 in August 2014. Sales in all housing categories were up across the board, both month over month and year over year. Of September sales, 716 were detached houses (compared with 669 last September), 294 were townhouses (compared with 256 last year), and 225 were condos traded hands (up from 188 the year before).
|Sept/Aug 2014||Sept 2014/Sept 2013|
|Overall Home Sales||+9.7%||+10.1%|
New listings were not only up from August, as expected, but were also up year over year, with 2,306 homes hitting the market last month, compared with 2028 in September 2013.
Active listings on the Fraser Valley market in September stood at 6,551 homes: 3,376 houses, 1,463 townhouses and 1,712 condos.
MLS® Benchmark Prices
The combined MLS® Home Price Index benchmark price of all residential property types in September in the Fraser Valley was $433,700, an increase of 1.3 per cent compared with September 2013 but a decline of 0.2 per cent compared with a month earlier.
This slight month-over-month decline was driven by the region's sliding condo prices, which fell to $193,600 in September, a 1.6 per cent month-over-month decrease and a fall of 4.7 per cent year over year.
A single-family detached home in September was $569,800, exactly the same as August 2014 but an increase of 3.1 per cent compared to September 2013, when it was $552,900.
Townhouses were selling for $299,600, an increase of 1.1 per cent compared to $296,200 in September of last year, and in the last six months has increased by 0.8 per cent.
|Sept 2014||Aug 2014||Sept 2013|
* FVREB's overall sales numbers include all types of property including commercial, agricultural and industrial. The statistics given in this article are strictly residential, covering detached houses, townhouses and apartments.