December 5, 2011
Below average home sales combined with a regular influx of new listings continue to give buyers
the upper hand in communities south of the Fraser River, including Mission. However, according
to the president of the Fraser Valley Real Estate Board, Sukh Sidhu, “There is action when
the property iscompetitively priced.
"It is not a quiet market. Priced‐right properties are selling thanks to the continuation of low
interestrates.” Sidhu adds, “What’s happening is that there is a large amount of inventory available
in the Fraser Valley, in particular with condos and townhomes, and that’s what’s holding prices in check.”
The Fraser Valley Real Estate Board processed 1,139 sales in October on its Multiple Listing Service®
(MLS®), an increase of 12 per cent compared to the 1,014 sales during the same month last year and a
decrease of 2 per cent compared to 1,165 sales in September.
In terms of listings, the board posted 2,511 new properties in October, an increase of 18 per cent
compared to October of last year and a decrease of 5 per cent compared to September. The number of
active listings in the Fraser Valley dipped in October, going from 10,096 in September to 10,005.
Sidhu says, “The good news for sellers is that although inventory is high, it’s not near record highs and
sales remain steady. This is why the overall benchmark price for residential properties has remained
unchanged for six months.”
The benchmark price (the price of homes with characteristics typical to that area) of a single family
detached home in the Fraser Valley in October was $530,335, an increase of 4.9 per cent compared to
$505,759 in October 2010 and on par with the price in September.
For townhouses, the benchmark price in October was $325,482, an increase of 2 per cent compared to
the same month last year when it was $319,058 and down 0.6 per cent compared to September. The
benchmark price of apartments in October was $243,725, an increase of 1.3 per cent compared to
October 2010 and on par with the price in September.
The average number of days to sell a Fraser Valley home varies depending on the property type. Sidhu
says the average of 45 days to sell a single family detached home has been constant for three months.
In October, townhomes took on average 55 days to sell and apartments 75 days.
Click to view the full report at http://www.fvreb.bc.ca/statistics/Package%20201110.pdf
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