Spring Market Off to Flying Start in Fraser Valley: FVREB

Joannah Connolly
March 3, 2015

Like the weather, the spring market is heating up early in the Fraser Valley, as MLS® home sales in February increased nearly 20 per cent year over year, according to Fraser Valley Real Estate Board figures released March 3.

Sales rose in every residential property category, and totalled 1153 homes – a rise of 19.6 per cent compared with February 2014, and a huge leap of 57.7 per cent compared with the previous month.

“It was our busiest February since 2007,” said Jorda Maisey, the FVREB's newly elected president .

Detached home sales were up 22.8 per cent year over year and 60.5 per cent compared with January. This was the highest year-over-year increase of the property types, bucking the recent trend of townhouses seeing the biggest sales increases in the region.

Townhouses rose 22.2 per cent compared with February 2014, but beat out detached homes month-over-month with a jump in units sold of 60.6 per cent.

Condos in the Fraser Valley saw somewhat more modest growth, selling 6.6 per cent more units than February 2014 and 45.1 per cent more than in January.

Maisey said, “Our best seller in the Fraser Valley remains the single-family detached home, followed by townhomes in part because almost half our buyers are families with children, but also because these products are so much more affordable in the Fraser Valley. With a typical townhome costing less than $300,000 and interest rates so low, many first-time buyers are finding they can get more for their money here.”

Fraser Valley: What's Up, What's Down
  Feb 15/ Jan 15 Feb 15/ Feb 14
Overall Home Sales +57.7% +19.6%
- Detached +60.5% +22.8%
- Townhouse +60.6% +22.2%
- Apartment +45.1% +6.6%
New Listings +2.2% +0.7%
Active Listings +8.8% -6.0%

A total of 2158 residential properties were newly listed in the Fraser Valley in February. This was an anticipated increase compared with January, rising 2.2 per cent month over month, and a 0.7 increase compared with February 2014. Active listings also rose month over month, by 8.8 per cent, but fell year over year by 6 per cent.

Across Fraser Valley, the average number of days to sell a detached home in February was 41 days, 10 days faster than last year. Townhouses on average took 55 days to sell, one day faster than last February, while Fraser Valley apartments sold on average in 70 days, on par with February 2014.

Maisey added, "In my community of Langley, the average number of days to sell a detached home is now less than one month and it’s a challenge finding the right product for some of our buyers. However, every area is different."

MLS® Benchmark Prices

Detached homes were the only property type to see a rise in benchmark last month compared with February 2014, rising 4.2 per cent year over year.

Townhomes and condos in the region continued to fall in price year over year, although benchmark prices for both did increase slightly compared with January.

Fraser Valley MLS® Benchmark Prices, % Change
  Feb 2015 Feb/Jan 2015 Feb 2014/2013
-Detached $571,700 +1.7% +4.2%
-Townhouse $297,200 +1.2% -0.6%
-Apartment $189,700 +0.1% -1.8%

The biggest price drop was seen in townhomes in White Rock/South Surrey, which continued their year over year decline, 7.8 per cent. Abbotsford posted the largest increase for detached homes, rising 10.6 per cent compared with February 2014.

To view our infographic with key headline figures and more statistics broken down by area, click here.

To see home prices, sales and listings broken down by community, see the FVREB February 2015 statistics package.

  • 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.
Joannah Connolly
Joannah Connolly is editorial director of Glacier Real Estate, Glacier Media's real estate division. Joannah writes and curates real estate news for Glacier Media's local newspaper websites, including the Vancouver Courier, North Shore News, Burnaby Now, Tri-City News and others. She also oversees editorial content in Real Estate Weekly Homes, West Coast Condo, Western Investor and Glacier's special real estate publications. A dual Canadian-British citizen, Joannah has 22 years of journalism and editing experience in Vancouver and London, with a background in construction, architecture, healthcare and business media. Joannah has appeared on major local TV outlets as a real estate commentator, has moderated and spoken on various industry panels, and spent two years hosting the Real Estate Therapist radio show on Roundhouse Radio.