Is it time for the buyers?.... July 2008
(Surrey, BC) – Recent sales data from the Fraser Valley Real Estate Board’s Multiple Listing Service (MLS®) indicates that Fraser Valley ’s real estate market is changing to favour the buyer. Sales continue to decrease and benchmark prices for residential homes in most Fraser Valley communities are moderating, in some areas trending down slightly since March.
The Board posted 1,418 sales in June reflecting a decrease of 31 per cent compared to the 2.053 sales processed on the MLS® during June of last year. The Board received 3,236 new listings in June, taking the number of active listings to 11,295, an increase of 47 per cent compared to the 7,676 listings available during June 2007.
“Real estate is cyclical and the numbers show that we’ve entered a buyer’s cycle,” explains Kelvin Neufeld, president of the Board. “Where appropriate, REALTORS® are recommending their sellers sharpen their prices, in particular for higher-end properties. On the other hand, there’s still a steady appetite for mid-range properties priced competitively. Our average days-to-sell in June for single family homes was only six days more than last year indicating that when buyers see an opportunity, they act.”
The average price of a single family detached home in the Fraser Valley increased by 6.1 per cent, going from $529,678 in June 2007 to $561,771 last month. Townhomes went for an average $337,054 in June, an increase of 4.8 per cent compared to the same month last year when they averaged $321,614 and the average price of an apartment in June was $237,155, an increase of 7.8 per cent compared to $219,935 last year.
While average prices year over year continue to rise, the benchmark price or the price of a “typical” home across a number of Fraser Valley communities reveals price fluctuations for the last three months ranging from a .3 per cent decrease for single family detached, a .4 per cent increase for apartments, to a 1.6 per cent increase for townhomes.
Neufeld says, “We’re experiencing a soft landing coming off the strongest and longest real estate cycle in our history. For those who don’t remember selling a home in a normal competitive market, it’s essential to work with a real estate professional who knows how to establish the right price for your property. Everything matters now: your neighbourhood, your property type, your home’s appearance and thorough marketing.”
from the FVRB. June 2008
I am certainly seeing a change. Listings need to be priced right in order to get those 'feet through the door'. The mid market is still very active, however some of our acreages and high end are taking a little longer.
......a good time to be a buyer?
The Board posted 1,418 sales in June reflecting a decrease of 31 per cent compared to the 2.053 sales processed on the MLS® during June of last year. The Board received 3,236 new listings in June, taking the number of active listings to 11,295, an increase of 47 per cent compared to the 7,676 listings available during June 2007.
“Real estate is cyclical and the numbers show that we’ve entered a buyer’s cycle,” explains Kelvin Neufeld, president of the Board. “Where appropriate, REALTORS® are recommending their sellers sharpen their prices, in particular for higher-end properties. On the other hand, there’s still a steady appetite for mid-range properties priced competitively. Our average days-to-sell in June for single family homes was only six days more than last year indicating that when buyers see an opportunity, they act.”
The average price of a single family detached home in the Fraser Valley increased by 6.1 per cent, going from $529,678 in June 2007 to $561,771 last month. Townhomes went for an average $337,054 in June, an increase of 4.8 per cent compared to the same month last year when they averaged $321,614 and the average price of an apartment in June was $237,155, an increase of 7.8 per cent compared to $219,935 last year.
While average prices year over year continue to rise, the benchmark price or the price of a “typical” home across a number of Fraser Valley communities reveals price fluctuations for the last three months ranging from a .3 per cent decrease for single family detached, a .4 per cent increase for apartments, to a 1.6 per cent increase for townhomes.
Neufeld says, “We’re experiencing a soft landing coming off the strongest and longest real estate cycle in our history. For those who don’t remember selling a home in a normal competitive market, it’s essential to work with a real estate professional who knows how to establish the right price for your property. Everything matters now: your neighbourhood, your property type, your home’s appearance and thorough marketing.”
from the FVRB. June 2008
I am certainly seeing a change. Listings need to be priced right in order to get those 'feet through the door'. The mid market is still very active, however some of our acreages and high end are taking a little longer.
......a good time to be a buyer?
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