News Release: September 2, 2015
STRONG SALES ACTIVITY CONTINUES THROUGH AUGUST
SURREY, BC – In August, home sales in the Fraser Valley moderated in comparison to July’s record-setting pace, however, they remained elevated compared to historical norms for the month.
There was a total of 1,734 property sales processed in August, an increase of 33 per cent compared to 1,302 sales during August of last year and a decrease of 21 per cent compared to July’s 2,184 sales.
Jorda Maisey is the Board’s President. “High consumer confidence and low mortgage rates continue to drive the activity we’ve seen in our market this summer.
“Even with the holiday season, sales last month remained 25 per cent higher than the Board’s 10-year average for August. This year marks one of the busiest summer markets we’ve ever had in the Fraser Valley, second only to 2005.”
In August, the total number of active listings in the Fraser Valley decreased 4 per cent compared to July, dropping to 7,407 listings. This represents a 21 per cent decrease from last year’s 9,403 active listings. The MLS® received 2,457 new listings in August, an increase of 3 per cent compared to August of last year.
Maisey adds, “In our market, price is key. Demand remains strongest for single family detached homes and townhomes that are priced correctly. Sellers who hope to take advantage of the current market will find that neither buyers nor their lenders are prepared to over pay.
“We anticipate more inventory will be coming on stream come fall, and we advise our buyers who can wait, to wait.”
The MLS® Home Price Index benchmark price of a detached home in August was $629,400, an increase of 10.5 per cent compared to August of last year when it was $569,800. The MLS® HPI benchmark price of Fraser Valley townhouses increased 2.7 per cent going from $298,500 in August of last year to $306,700 last month. The benchmark price of apartments decreased year-over-year by 2.4 per cent, going from $196,700 in August of last year to $191,900 last month.
Maisey adds, “First time buyers and investors are noticing that of the three main property types, the best selection in the Fraser Valley is in the condo market. In August, we saw apartment sales pick up specifically in White Rock, Langley and North Surrey.”
SURREY, BC – Last month’s sales volumes on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) were the highest for June since 2005 and rank as the fourth busiest month ever for MLS® sales in the Fraser Valley.
There were 2,413 sales processed on the MLS® in June, an increase of 45 per cent compared to the 1,668 sales processed in June of last year and also an increase of 23 per cent compared to May.
Jorda Maisey is the Board’s President. “This is the strongest residential market we’ve experienced since 2005 and prior to that in the early 90’s. What’s generating all this activity?
“Our informal market research shows that the majority of homebuyers in the Fraser Valley are families with children moving within their same community or moving within the Fraser Valley region. Our clients are telling us that they’re feeling confident with the current economic climate in BC and the long-term value of investing in real estate.”
In addition to a surge in sales, the number of new listings also picked up in June increasing by 11 per cent going from 2,989 last year to 3,316 last month; taking the number of active listings to 8,105.
Maisey adds, “With demand for detached homes and townhomes at peak levels, our advice to prospective buyers is interview a number of REALTORS® for help navigating what can be a stressful market. With the average home selling in just over a month and many homes receiving multiple offers, you need an expert to find you a home, protect you and position you for success.”
In June, the MLS® Home Price Index (MLS® HPI) benchmark price of a detached home was $609,900, an increase of 7.3 per cent compared to June 2014 when it was $568,600. The benchmark price of townhouses in June was $302,600, an increase of 1.6 per cent compared to $297,800 in June 2014. The benchmark price of apartments decreased year-over-year by 2.6 per cent, going from $197,000 in June 2014, to $191,900 last month.
Now available for the first time, are residential benchmark prices for the municipality of Surrey, as it is geographically defined encompassing the FVREB MLS® areas of North Surrey, Surrey-Central, Cloverdale, South Surrey, but excluding White Rock, which is its own municipality. Find the new City of Surrey – Combined prices for detached, townhouse and apartment on page four of this package.
#Aldergrove, Calling all Superheros and Princesses to The Parkside Elementary Annual Fun Fair! Come for an evening of family fun, food and prizes. Costumes are welcome.
April 24th 3:00-7:00
Wrist bands are $10 per child before April 17th and $15 if purchased after or at the door.
Family Rate: $25 for a family (3 or more children) if purchased before Apr.17th. $35 after. You can purchase your tickets from the Office at Parkside.
Our seniors population will increase %200 by 2036. We have to insure our elders are not only respected, but taken care of. If you, or someone you know who is downsizing or relocating in the Fraser Valley that fits this demographic, it is a good idea to represented by a Realtor with a Seniors Real Estate Specialists (SRES) designation. We are there to help.
Mike O'Grady SRES
News Release: March 3, 2015
EARLY SPRING FEVER HITS FRASER VALLEY REAL ESTATE MARKET
(Surrey, BC) – In February, sales of all property types in the Fraser Valley increased by 21 per cent in one year with demand for two property types in particular - single family detached homes and townhomes - outpacing supply.
Last month, the Fraser Valley Real Estate Board processed 1,337 sales on the Multiple Listing Service® compared to 1,102 sales in February of last year. New listings in February totaled 2,610 which added up to 7,864 active listings, up from January’s 7,307 but a decrease of 4 per cent compared to February 2014’s 8,210 active listings.
“It was our busiest February since 2007,” says newly elected Board President Jorda Maisey. “In my community of Langley, the average number of days to sell a detached home is now less than one month and it’s a challenge finding the right product for some of our buyers, however every area is different. To understand the market for your home in your neighbourhood, talk to your REALTOR®.”
A measurement the real estate industry relies on to gauge the health of the housing market is the ratio between sales and active listings. For the Lower Mainland, the balanced range is between 12 and 20 per cent; which means when it’s less than 12 it favours buyers and greater than 20 it favours sellers. The ratio in February for single family detached homes was 26 per cent; townhomes 22 per cent and apartments 12 per cent.
Maisey adds, “Our best seller in the Fraser Valley remains the single family detached home, followed by townhomes in part because almost half our buyers are families with children, but also because these products are so much more affordable in the Fraser Valley. With a typical townhome costing less than $300,000 and interest rates so low, many first-time buyers are finding they can get more for their money here.”
The MLS® HPI benchmark price of a Fraser Valley single family detached home in February was $581,400, an increase of 4.2 per cent compared to February 2014 when it was $558,100.
In February, the benchmark price of townhouses was $297,200, a decrease of 0.6 per cent compared to $298,900 in February 2014. The benchmark price of apartments also decreased year-over-year by 1.8 per cent, going from $193,200 in February 2014 to $189,700 in February 2015.
Across Fraser Valley, the average number of days to sell a single family detached home in February was 41 days, ten days faster than last year. Townhouses on average took 55 days to sell; one day faster than last February, while Fraser Valley apartments sold on average in 70 days, on par with February 2014.
To all our valuable friends and clients, due to SEO benefits we are moving aaway from using Blogger, to view any old posts visit:
To all our customers who have right sized to manufactured homes, this article from May 2013 is quite informative:
There's still a place for mobile homes — Langley Township mayor
by Dan Ferguson - Langley Times
Manufactured homes will have a place in the new Brookswood/Fernridge community plan, Mayor Jack Froese promised mobile home park residents at a question-and-answer session held in Township council chambers.
About 200 residents attended the May 8 session to ask questions about the proposal to more than double the number of people living in the south Langley community and the impact that will have on the seniors who live in mobile home communities.
“I know that whether we call them mobile, manufactured, or by any other name, these are your homes,” Mayor Froese said.
“We know that you have concerns about the future of your homes and we intend to take that into account and prepare the best plan possible.”
Township engineering and community development manager Ramin Seifi, long range planning manager Paul Crawford, and planner Lisa Moffatt fielded questions.
Residents were told the proposed plan will provide maximum protection of existing mobile home parks.
Tenants are also protected under provincial regulations and the Township’s Mobile Home Park Redevelopment Policy, the staffers said.
The meeting with the mobile home owners came after a series of open houses and workshops that were held earlier this year.
Brookswood/Fernridge currently has a population of 13,000. The new Griffith Neighbourhood Plan would increase the number of residents to 40,000 people over the next three decades.
It’s estimated the Township has 35 to 40 per cent of all manufactured homes in the Metro Vancouver region.
Less than one per cent of Township housing is subsidized seniors’ or family housing, compared with nine per cent in the City of Langley and five per cent in Coquitlam.