HOME SALES IN FRASER VALLEY HOLD STEADY IN AUGUST

Tue, 20 Sep 2011 21:12:00 GMT

Released on Sept. 02, 2011 by Fraser Valley Real Estate Board

(Surrey, BC) – The Fraser Valley Real Estate Board processed 1,341 sales on the Multiple Listing
Service® (MLS®) in August, an increase of 35 per cent compared to the 997 sales during the same
month last year and slightly higher than the 1,322 sales in July.

Sukh Sidhu, president of the Fraser Valley Real Estate Board, says, “We typically see a summer dip
in sales in August compared to July and that didn’t happen this year. We attribute the current steady
market to interest rates remaining favourable, as well as buyers taking advantage of home prices
softening slightly in certain markets and an influx of new inventory across all property types.”

The board posted 2,644 new properties on its MLS® in August, an increase of 26 per cent
compared to August of last year and 10 per cent fewer than it received in July. The number of active
listings in the Fraser Valley remained at 10,074 in August, on par with July’s volume.

“The number of homes on the market remains at a yearly high, which combined with a decrease in
sales, can put downward pressure on pricing. We’re only seeing this in some communities for
certain property types underlining the importance for both sellers and buyers to obtain local real
estate expertise.

“Year over year, home prices in the Fraser Valley are either on par or showing increases; month
over month, benchmark prices for the three main residential property types combined declined by
1.3 per cent.”

The benchmark price of a single family detached house in the Fraser Valley in August was
$528,959, an increase of 3.7 per cent compared to $510,107 in August 2010.

For townhouses, the benchmark price in August was $327,317, an increase of 0.9 per cent
compared to $324,485 during the same month last year. The benchmark price of apartments in
Fraser Valley in August was $245,751, an increase of 2.5 per cent compared to $239,659 in August.

Greater Vancouver home sales trend toward buyers’ market over summer

Tue, 20 Sep 2011 19:52:00 GMT

Greater Vancouver home sales trend toward buyers’ market over summer

Housing Market Update August 2011 by REBGV

August marked the third consecutive month that home sale activity in Greater Vancouver was below the 10-year average for the month. In contrast, home listing activity in the region has exceeded the 10-year norm every month since the beginning of the year.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) reached 2,378 in August. This total represents an eight per cent increase compared to the 2,202 sales in August 2010, but also ranks as the third lowest total for August in the last 10 years.

“MLS® statistics continue to indicate that we’re in a balanced market,” Rosario Setticasi, REBGV president said. “However, with a sales-to-actives listings ratio of 15 per cent, Greater Vancouver is in the lower end of a balanced market and has been trending toward a buyers’ market over the past three months.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,685 in August. This represents a 24.9 per cent increase compared to August 2010 when 3,750 properties were listed for sale on the MLS® and an eight per cent decline compared to the 5,097 new listings reported in July 2011. Last month’s new listing total was the highest volume recorded for August in 16 years.

At 15,437, the total number of residential property listings on the MLS® increased 1.4 per cent in August compared to July 2011 and rose 0.1 per cent compared to this time last year.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 8.5 per cent to $625,578 in August 2011 from $576,597 in August 2010.

“Year over year, prices are up. However, in the detached home category, benchmark prices have come down slightly in each of the past two months,” Setticasi said. “It’s important for people entering the market to understand that activity can differ significantly depending on the area and property type.”

Sales of detached properties on the MLS® in August 2011 reached 1,020, an increase of 14.2 per cent from the 893 detached sales recorded in August 2010, and a 25.4 per cent decrease from the 1,367 units sold in August 2009. The benchmark price for detached properties increased 11.7 per cent from August 2010 to $888,243.

Sales of apartment properties reached 955 in August 2011, a 2.1 per cent increase compared to the 935 sales in August 2010, and a decrease of 34.8 per cent compared to the 1,464 sales in August 2009. The benchmark price of an apartment property increased 5.6 per cent from August 2010 to $407,457.

Attached property sales in August 2011 totalled 403, a 7.8 per cent increase compared to the 374 sales in August 2010, and a 33.9 per cent decrease from the 610 attached properties sold in August 2009. The benchmark price of an attached unit increased 4.5 per cent between August 2010 and 2011 to $511,433.

Sonia Wang : Latest Blog Posts

HOME SALES IN FRASER VALLEY HOLD STEADY IN AUGUST

Greater Vancouver home sales trend toward buyers’ market over summer

Greater Vancouver home sales trend toward buyers’ market over summer