Balancing market means more choice for Fraser Valley buyers.

(Surrey, BC) – Property buyers continued to see an increase in selection while sellers faced more competition as listings grew and sales decreased on Fraser Valley’s Multiple Listing Service® (MLS®) in May.
The Fraser Valley Real Estate Board posted 1,599 sales in May, a decrease of 26 per cent compared to the 2,152 sales processed on the MLS® during May 2007. At the same time, the Board received 3,941 new listings, taking the number of active listings to 11,133, an increase of 33 per cent compared to the 8,381 listings available during May 2007.

“We’re experiencing a return to more normal market conditions,” explains Kelvin Neufeld, president of the Board. “In a balanced market, we can generally advise our clients to take a little longer, look at a wider variety of properties and negotiate harder when it comes to price.”

However, Neufeld cautions, “It also depends on where you’re looking and for what type of home because we’re still experiencing market conditions that favour the seller in some parts of the Fraser Valley, which is why local advice from your REALTOR® is so valuable in an adjusting market.”

For example, in Abbotsford, the average price increase for a single family detached home remained in the double digits in May, increasing 11.3 per cent compared to the same month last year. In Mission, the average townhome took only 12 days to sell in May 2008, compared to 38 days for the average townhome in Fraser Valley, and average price increases for condos in both Surrey and Abbotsford remained solid at nine per cent.

Overall, average apartment prices in the Valley increased by 5.2 per cent compared to last year. They averaged $229,727 in May 2008, compared to $218,371 last May. Similarly, the average price of a single family detached home in the Fraser Valley increased by 5.4 per cent, going from $521,444 in May 2007 to $549,612 last month. Townhomes went for an average $341,149 in May, an increase of 2.9 per cent compared to the same month last year when they averaged $331,476.

Info from the FVRB


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