(Surrey, BC) – Results from Fraser Valley Real Estate Board’s
Multiple Listing Service (MLS®) in December reflect the real estate
story of 2009: recovery. “In 12 months, we went from the
worst January in 20 years to the third best December,” said Paul
Penner, President of the Board. “Home buyers took Boxing Day
shopping to new levels with some Fraser Valley REALTORS®
showing multiple homes per day between Christmas and New
Years.” According to Penner, a significant
portion of the 148 per cent increase in activity in December’s
sales, 1,260 compared to 508 in December 2008, can be attributed
to first-time home buyers confident with the current
economic conditions and taking advantage of all-time low interest
rates. “An informal poll of our members in December revealed
40 per cent of home sales were by first-time buyers when it would
normally be in the 25 per cent range.”

The trend overall for 2009 was one of increasing sales,
decreasing inventory and prices rebounding. The Board’s
MLS® processed 16,721 sales in 2009, compared to 13,194 the
previous year, an increase of 26 per cent. However, it received
15 per cent fewer new listings during the same time period –
30,221 in 2009 compared to 35,651 in 2008. Over the year,
the number of active listings for buyers to choose from dropped
by 34 per cent going from 9,960 properties in December 2008 to
6,534 in December 2009. “We’re seeing the combined
effect of fewer homes being listed, which is normal for this
time of year, a flurry of buying activity, plus a decrease in the
number of new homes being built. This has put pressure
on prices in the Fraser Valley, particularly on homes in the
lower to mid-range markets,” explained Penner.
The MLSLink Housing Price Index (HPI) benchmark price for detached homes was $497,732
in December compared to $464,189 in December 2008, an increase of
7.2 per cent. Although prices have gradually recovered, they have not
yet reached the previous benchmark high of $513,798 in
May 2008. The benchmark price of Fraser Valley townhouses in December
2009 was $318,174, a 7.4 per cent increase compared to $296,296 in
December 2008. That price also last peaked at $335,991 in May
2008. The benchmark price of apartments decreased by 0.3 per cent year-over
-year going from $237,786 in December 2008 to $237,157 in
December 2009. It’s previous high was in April 2008, at $260,037.
H O M E L I F E B E N C H M A R K R E A L T Y
White Rock/South Surrey Real Estate
Figures

Len Doray
Managing Partner
HomeLife Benchmark Realty Corp.,
Email: doray@homelifebc.com
Phone: 604-531-1111

Figures based on Fraser Valley Real Estate Board
Multiple Listing Service Statistics