The Truth About Real Estate - Our Fraser Valley Market Is Solid

(June 08, 2014 )

The BC Home Hunter Group's in house real estate analyst Robert Pybus with sales manager, Mandeep Sendher, have been forecasting "the rise of the burbs" since 2004.Sir Winston Churchill  7055 Heather St. V6P 3P7  Tel: (604)713-8189  Fax: (604)713-8188   Web Site: http://churchill.vsb.bc.ca  Point Grey 5350 E. Boulevard V6M 3V2 Tel: (604)713-8220 Fax: (604)713-8218 Web Site: http://pointgrey.vsb.bc.ca/  Kitsilano 2550 W. 10th Ave. V6K 2J6 Tel: (604)713-8961 Fax: (604)713-8960 Web Site: http://kitsilano.vsb.bc.ca/  Magee 6360 Maple St. V6M 4M2 Tel: (604)713-8200 Fax: (604)713-8209 Web Site: http://magee.vbs.bc.ca  Eric Hamber 5025 Willow St. V5Z 3S1 Tel: (604)713-8927 Fax: (604)713-8926 Web Site: http://hamber.vsb.bc.ca/   Lord Byng  3939 West 16th Avenue Vancouver, B.C.V6R 3C9  Tel:  604-713-8171 Fax: 604-713-8170 Website: http://byng.vsb.bc.ca/  University Hill 2896 Acadia Rd. V6T 1S2 Tel: (604)713-8258 Fax: (604)713-8257 Web Site: http://uhill-sec.vsb.bc.ca/  Prince of Wales 2250 Eddington Dr. V6L 2E7 Tel: (604)713-8974 Fax: (604)713-8973 Web Site:  http://pw.vsb.bc.ca The May, 2014, property sales in the Fraser Valley have now reached the highest they've been in seven years with the Fraser Valley Real Estate Board posting 1,633 sales on its Multiple Listing Service (MLS®), an increase of 18 per cent compared to May 2013 and 11 per cent more than in April.

We compared the previous record-setting May's which were in the mid-2000s during the market peak, with last month’s sales coming in just below the 10-year average and our next "Truth About Real Estate" newsletter will have several Pay Dirt predictions for the Fraser Valley real estate market over the coming decade so stay tuned.

Ray Werger, President of our Fraser Valley Real Estate Board, is echoing The BC Home Hunter Group's own analyst and sentiment, “For the second month in a row, we’re experiencing healthy sales volumes with the most popular choice being single family detached homes followed by townhouses. For single family homes, that market is at the upper-end of a balanced market with certain areas in a sellers’ market where over 30 per cent of available inventory is selling.” THE BC HOME HUNTER GROUP REAL ESTATE TEAM FRASER VALLEY METRO VANCOUVER WEST VANCOUVER NORTH VANCOUVER SOUTH SURREY WHITE ROCK LANGLEY CLOVERDALE CLAYTON SURREY BURNABY  WWW.BCHOMEHUNTER.COM AWARD WINNING FRIENDLIEST REAL ESTATE TEAM

Werger adds that the market for apartments has not picked up to the same degree. “We've seen an improvement in condo sales in specific areas, however in many communities the market continues to favour buyers due to inventory levels that remain elevated and buyer preference for homes that offer more space and amenities.

“Last month in the Fraser Valley, 60 per cent of our residential sales were single family detached homes and we’re starting to see that preference reflected in prices. Prices are up three per cent over the past year, even higher in the most sought-after communities and most of that increase has taken place in the last six months.”

The benchmark price as determined by the MLS® Home Price Index (MLS® HPI) of a single family detached home in Fraser Valley increased 3.1 per cent in one year. It went from $549,200 in May 2013 to $566,400 last month. THE BC HOME HUNTER GROUP REAL ESTATE TEAM FRASER VALLEY METRO VANCOUVER WEST VANCOUVER NORTH VANCOUVER SOUTH SURREY WHITE ROCK LANGLEY CLOVERDALE CLAYTON SURREY BURNABY  WWW.BCHOMEHUNTER.COM AWARD WINNING FRIENDLIEST REAL ESTATE TEAM

In May, the benchmark price of a Fraser Valley townhouse was $297,300, a decrease of 0.2 per cent compared to $298,000 in May 2013. The benchmark price of an apartment decreased by 2.6 per cent year-over-year; going from $203,400 in May of last year to $198,100 in May 2014. 

In May, the Board received 3,218 new listings, an increase of 2 per cent compared to April and 1 per cent more than were received during the same month last year. The new inventory took the number of active listings in Fraser Valley to 9,870, a decrease of 7 per cent compared to the volume available in May 2013.

Werger says, “Our home supply is the best it’s been since last fall, with the highest demand for priced-right, quality properties. If your home fits that description, anticipate a lot of interest.” 

In closing, if you or anyone you know is considering selling or buying any type of real estate in the Fraser Valley, Metro Vancouver or indeed anywhere, do not hesitate to call Mandeep, Robert and our passionate real estate team members to chat and receive our 10 minute Truth About Real Estate Home and Property Market Evaluation (CMA). We are YOUR Urban and Suburban real estate experts.THE BC HOME HUNTER GROUP REAL ESTATE TEAM FRASER VALLEY METRO VANCOUVER WEST VANCOUVER NORTH VANCOUVER SOUTH SURREY WHITE ROCK LANGLEY CLOVERDALE CLAYTON SURREY BURNABY  WWW.BCHOMEHUNTER.COM AWARD WINNING FRIENDLIEST REAL ESTATE TEAM

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