Realtors See Signs of SPRING THAW in Fraser Valley Market
February sales on Fraser Valley’s MLS® experienced a typical ‘early spring’ surge, increasing by 75 per cent in one month from 389 sales in January to 682 last month. However, by historical standards, they continued to reflect sales levels last seen in the mid-1980s, according to the Fraser Valley Real Estate Board.
Sales showed a 48 per cent decrease compared to the 1,308 sales processed in February 2008. The Board also received fewer new listings last month compared to the same month last year – 2,369 compared to the 2,808 new listings received in February 2008 – however, the total number of active listings at 9,594 was still 11 per cent higher than in January and almost 30 per cent higher than the 7,415 active listings available in February 2008.
Paul Penner, President of the Fraser Valley Real Estate Board explains, “High inventory and low demand over the last few months have created the best buying opportunity since 2006, which buyers started capitalizing on in February.”
Penner feels that though consumers are still cautious about the global economic situation, based on February’s real estate market, he is guardedly optimistic. “For the first time since last September, Fraser Valley REALTORS® had higher traffic at open houses, more multiple-offer situations and an increase in home sales.
“Because of lower prices and mortgage rates, consumers are gaining confidence.”
Residential benchmark prices, the value of a ‘typical’ Fraser Valley detached home as determined by the MLSLink® Housing Price Index (HPI), decreased 10.4 per cent compared to February 2008, however, increased from the previous month for the first time in nine months. The benchmark price was $456,683 in February 2009 compared to $509,958 last year.
The HPI benchmark price of Fraser Valley townhouses decreased by 10.5 per cent in one year, going from $330,444 in February 2008 to $295,731 in February 2009, while the benchmark price of apartments decreased by 10 per cent going from $253,351 in February of last year to $228,091 in February 2009.
The Fraser Valley Real Estate Board is an association of 2,941 real estate professionals who live and work in the communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission.
March 3, 2009 - Fraser Valley Real Estate Board (Surrey, BC)