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Balanced market conditions in the Fraser Valley

May, 02 2014 10:05:16 am, by FVREB 

SURREY, BC – The growth in sales on Fraser Valley’s Multiple Listing Service (MLS®) outpaced the growth in new inventory in April, propelling the market into solid balanced conditions.

In April, the Fraser Valley Real Estate Board’s total sales volume increased by 8 per cent year over year and 17 per cent compared to March while new listings saw a 7 per cent increase compared to April 2013 and a 13 per cent increase compared to the previous month.

Ray Werger, president of the Board, says, “There’s a lot of optimism right now. It will take a few more months of numbers, but our 2014 market is already on track to outperform last year.

“A measurement we rely on to gauge the health of the housing market is the ratio between sales and active listings and in April that number was the highest it’s been in our region in three years. Last month, that ratio for both single family detached homes and townhomes was 21 per cent, meaning for every 100 homes available, 21 sold. That’s a strong, balanced market.”

Werger adds that demand for apartments in the Fraser Valley remained softer. “In some of our areas we have an oversupply of condos and you’ll see that reflected in prices. Generally, prices of benchmark or typical apartments have decreased over the past year. However, both buyers and sellers need to be aware that it depends on the community and the age and quality of the condo.”

In April, the benchmark price of single family detached homes in the Fraser Valley was $566,000, an increase of 3.4 per cent compared to $547,300 during the same month last year. For townhouses, the benchmark price was $298,700, virtually unchanged compared to $299,100 in April 2013 and the benchmark price of apartments was $196,300, a decrease of 3.7 per cent compared to $203,900 in April of last year.

In April, the Board processed a total of 1,470 sales through its MLS® compared to 1,366 sales in April 2013 and 1,259 sales in March; and, received 3,153 new listings last month compared to 2,951 new listings received during April 2013. The number of active listings reached 9,400, 7 per cent more than were available in March however 6 per cent fewer than were available during April of last year.

In April, the number of days on average to sell a detached home in the Fraser Valley was 43; 47 for townhomes; and, 59 days on average for an apartment. All, four days faster than they were in April 2013.

Find the April Statistics Package here.

 

Article from:  http://www.fvreb.bc.ca/blog/index.php/2014/05/02/balanced-market-conditions-in-the-fraser-valley

Buyers see value in single family detached homes in the Fraser Valley

April, 02 2014 11:05:07 am, by FVREB 

SURREY, BC – In March, the Fraser Valley Real Estate Board (FVREB) processed 1,259 sales on its Multiple Listing Service® (MLS®), an increase of 12 per cent compared to the 1,128 sales during March of last year, and a 14 per cent increase compared to February’s 1,102 sales.

Ray Werger, President of the Board, says, “We did see activity pick up last month with an increase in demand in particular for single family detached homes. Sales were noticeably higher in North Delta, Mission and Langley compared to last year.

“Last March, sales of detached homes accounted for 55 per cent of sales of our three main residential property types and this year that increased to 58 per cent. It may not sound like much, but that translated into over 100 more sales. The property type that lost ground was townhouses.” Werger explains, “Our main buyers are families looking for the best value possible by taking advantage of continuing low interest rates and stable home prices.”

The most popular price range for single family detached homes in the Fraser Valley last month was between $500,000 and $600,000. The benchmark price of a typical detached home was $563,400, an increase of 3.5 per cent compared to $544,300 during the same month last year.

For townhouses, the benchmark price in March was $297,100, a decrease of 0.4 per cent compared to $298,200 in March 2013 and the benchmark price of apartments was $195,400, a decrease of 4.3 per cent compared to $204,200 in March 2013.

The Board posted 2,799 new listings last month, an increase of 2 per cent compared to the 2,736 posted during March of last year bringing the total number of active listings in March to 8,763 – 8 per cent less than were available during March 2013.

Werger adds, “We can’t emphasize enough that real estate is local. What’s happening with the Fraser Valley housing market in general may or may not be happening to the market for your home. Contact your local REALTOR® for detailed market information by community, neighbourhood and property type.”

In March, Fraser Valley’s sales-to-active-listings ratio – a comparison of sales and inventory that measures the health of the market – was 14 per cent for all property types (residential and commercial combined); and, 18 per cent for the three main residential property types indicating stability in the marketplace.

Find the March Statistics Package here.

 

Article from: http://www.fvreb.bc.ca/blog/index.php/2014/04/02/buyers-see-value-in-single-family-detached-homes-in-the-fraser-valley

FVREB announces new 2014/2015 board

February, 27 2014 01:53:07 pm, by FVREB 

LANGLEY, BC – The Fraser Valley Real Estate Board (FVREB) elected its new Board of Directors for 2014/2015 at its Annual General Meeting held on February 26.

REALTOR® Ray Werger will replace outgoing President Ron Todson. Werger has been active in real estate since 1992, and is a representative of Royal LePage West R.E.S. (Surrey).

“It’s an incredible honour to lead one of the largest, longest-serving professional associations in BC. Since 1921, our Board has been providing Fraser Valley REALTORS® with the tools and services we need to give consumers the best possible service,” Werger said.

Werger started volunteering on behalf of the Board 18 years ago and has served as a director since 2007, chairing a number of committees and assisting in the development of many of the Board’s initiatives.

The FVREB is the professional association of more than 2,700 REALTORS® in the Fraser Valley providing its members with a variety of membership services including the Multiple Listing Service®, professional development and technological innovation.

The incoming President-Elect is Jorda Maisey, RE/MAX Little Oak Realty, Fort Langley and the Vice President is Charles Wiebe, Landmark Realty Corp., Abbotsford.

The full 2014/2015 FVREB Board of Directors is as follows:

 

  • President: Ray Werger, Royal LePage West R.E.S. (Surrey), Surrey
  • President-Elect: Jorda Maisey, RE/MAX Little Oak Realty, Fort Langley
  • Vice President: Charles Wiebe, Landmark Realty Corp., Abbotsford
  • Past President: Ron Todson, RE/MAX Little Oak Realty, Abbotsford

 

Directors:

  • Larry Anderson, Sutton – Premier Realty, Surrey
  • John Barbisan, Sutton – Premier Realty, Surrey
  • Sandra Benz, RE/MAX Performance Realty, Delta
  • Manny Boparai, Century 21 Coastal Realty Ltd., Surrey
  • Jim Cox, RE/MAX Aldercenter Realty, Aldergrove
  • Darin Germyn, Macdonald Realty, Surrey
  • Ishaq Ismail, Sutton Group – West Coast Realty, Surrey
  • Gopal Sahota, Sutton Group – West Coast Realty, Surrey

 

Fraser Valley’s new Board of Directors takes office on March 1, 2014.

 

Article from: http://www.fvreb.bc.ca/blog/index.php/2014/02/27/fvreb-announces-new-2014-2015-board