News Release: July 5, 2011
RATIO OF PROPERTY SALES TO INVENTORY REMAINS STABLE IN THE FRASER VALLEY
(Surrey, BC) – For three consecutive months, the percentage of properties sold in the Fraser Valley compared to those that were available for purchase has remained at 16 per cent, reflecting a balanced market starting to favour buyers.
In June, the Fraser Valley Real Estate Board processed 1,588 property sales on its Multiple Listing Service (MLS®), while at the same time had 9,758 active listings available.
Sukh Sidhu, president of the Board, explains, “When supply and demand remain as consistent as they have since April, it indicates a stable market.
“However, it is important for both buyers and sellers to be aware that Fraser Valley’s market is highly localized. In general, 16 out of every 100 properties sold in June, but that’s referring to every property type in all six of our communities. Be sure to ask your REALTOR® for the percentage of properties selling specific to your home in your area.”
The Board received 2,762 new listings in June, a decrease of 10 per cent compared to May and a decrease of 12 per cent compared to the 3,153 new listings received in June 2010.
Sidhu adds, “Although the volume of new homes coming on stream saw a seasonal dip in June, selection remains very good in particular for Fraser Valley apartments. With interest rates remaining stable, there are some excellent opportunities for first-time buyers this summer.”
In June, the benchmark price for Fraser Valley detached homes was $528,060, an increase of 1.9 per cent compared to $518,355 in June 2010 and a decrease of 0.3 per cent compared to May.
The benchmark price of Fraser Valley townhomes in June was $327,457, a decrease of 0.2 per cent compared to $328,080 in June 2010 and up 0.8 per cent compared to May. The benchmark price of apartments was $249,537 in June, an increase of 1.3 per cent compared to the $246,351 price in June of last year and down 0.6 per cent compared to May.
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 2,920 real estate professionals who live and work in the communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission.