JULY REAL ESTATE SALES REACH RECORD LEVELS IN FRASER VALLEY
News Release: August
5, 2009
(Surrey, BC) - Fraser Valley saw the highest number of
real estate transactions ever recorded for the month of July. There were 2,089
sales processed on the Fraser Valley Real Estate Board's Multiple Listings
Service® (MLS®), an increase of 62.3 per cent compared to 1,284 sales in July of
last year. The previous highest July was in 2005, with 2,051
sales.
"The factors contributing to last month's sales are
completely different than they were in 2005," explained Board President Paul
Penner. "Low interest rates, home prices that are lower than last year by about
6 per cent, and a surge of first-time home buyers that came back to the market
in late spring have created the right conditions for a 'move-up' market.
"In July, 37 per cent of Fraser Valley buyers were
first-timers. In June, it was one third. That volume creates a significant
ripple effect, as the sellers of those homes buy up."
Penner said that despite seeing an increase in new
listings over the last few months, current demand has led to a shortage of
inventory in certain markets. "Whether you're buying or selling, it's important
to tap into local housing market expertise. Your REALTOR® will be able to
explain why some properties are attracting multiple offers, while others aren't
moving."
The Fraser Valley Board's MLS® showed 9,510 active
listings at the end of July, a decrease of 22.7 per cent compared to the record
high of 12,299 listings available in July of last year. It received 14.3 per
cent fewer new listings in July; 3,207 compared to the 3,742 new listings
received during the same month last year.
The benchmark price measures the value of a 'typical'
Fraser Valley home as determined by the MLSLink® Housing Price Index (HPI). The
HPI benchmark price of a detached home in July was $477,420, a decrease of 5.6
per cent compared to July 2008. In the last three months, the HPI benchmark
price of a detached home has increased by 3.7 per
cent.
The HPI benchmark price of Fraser Valley townhouses
decreased 6.9 per cent from $327,604 in July 2008 to $304,940 in July 2009, and
in the last three months has increased by 3.3 per cent. The benchmark price of
apartments also decreased year-over-year by 8 per cent, going from $254,510 in
July of last year to $234,178 in July 2009, and has increased by 1.7 per cent in
the last three months.
Information and photos of all Fraser Valley Real Estate
Board listings can be found on the national, public web site
www.REALTOR.ca. Further market statistics can be found on the Board’s
web page at www.fvreb.bc.ca. The Fraser Valley Real Estate Board is an association
of 2,923 real estate professionals who live and work in the communities of North
Delta, Surrey, White Rock, Langley, Abbotsford, and
Mission.
Full
package:
__________________________________________
Hugh Message
Coldwell Banker 1st Pioneer Realty
http://www.Coldwell-Banker.org