Fraser Valley real estate statistics for February 2009

FRASER VALLEY REAL ESTATE STATISTICS

Abbotsford with Mt Baker
Abbotsford with Mt Baker

We also have access to the Fraser Valley Real Estate statistics since these are available to Vancouver realtors too.

Below is the official view from the board.

REALTORS® SEE SIGNS OF SPRING IN FRASER VALLEY HOUSING MARKET

(Surrey, BC) – February sales on Fraser Valley’s Multiple Listing Service® (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.

SNAPSHOT OF VALLEY PRICES

Here is a snapshot of the benchmark prices in the valley for detached homes only. If anyone wants more details then please contact me. Remember that between us and our partners we cover the whole of the Fraser Valley as well as most of British Columbia — so we can put you in touch with a local expert to advise you.

DETACHED BENCHMARK PRICES
  • Fraser Valley $456,683 (-10.4%)
  • Abbotsford $394,221 (-9.4%)
  • Mission $338,839 (-11.5%)
  • White Rock / South Surrey $627,287 (-17.1%)
  • Langley $463,879 (-11.2%)
  • Delta – North $454,354 (-10.0%)
  • Surrey – Central $465,839 (-9.0%)
  • Surrey – Cloverdale $502,270 (-5.7%)
  • Surrey – North $433,177 (-9.1%)

Prices shown are benchmark ones – representing “typical” properties in that area. The figures in brackets are the percentage change (fall) since February 2008. White Rock / South Surrey has seen the biggest year on year drop, where Surrey – Cloverdale is holding out the best.

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