The overall feeling of the Fraser Valley real estate market coming out of June 2012 is stability as proven by a number of figures used by the Fraser Valley Real Estate Board (FVREB) to assess the market conditions.
The FVREB received 2,762 new listings in June and processed 1,588 property sales. Sukh Sidhu, Board President, says that when “Supply and demand remain as consistent as they have since April, it indicates a stable market.”
Average Number of Days on Market
In June it took on average 44 days for a detached house for sale in Surrey BC and other Fraser Valley communities to sell. As a reference point, this figure has been relatively stable over the past four months – another reassurance of stability in the local real estate market.
Property Sales to Inventory Ratio in the Fraser Valley
The ratio of property sales in the Fraser Valley to the number of listings on the market came in at 14% this June. Again this figure is relatively stable, dropping from 15% in March and May. This means 14 out of 100 Fraser Valley active listings sold in June. As the chart below shows, we are in a Buyers’ Market right now.
Source: Fraser Valley Real Estate Board
It is important to remember that this ratio refers to all types of properties (detached homes, condos, townhouses etc.) and is highly localized since it combines Surrey properties for sale, Langley properties for sale and so on. I can help determine a more accurate ratio for properties similar to your home type within your neighborhood.
Benchmark Prices of Fraser Valley Homes
The official News Release put out by the FVREB on July 4, 2012 gives good news: although inventory may be trending at high levels the sales of homes has remained fairly steady, keeping away any downward pressure on residential prices that you might otherwise expect.
Source: Fraser Valley Real Estate Board
The benchmark prices for some popular neighborhoods include:
Central Surrey Homes for Sale:
Detached House – $565,900
Townhouse – $306,500
Condo – $201,800
Cloverdale Homes for Sale:
Detached House – $572,200
Townhouse – $330,600
Condo – $233,300
North Surrey Homes for Sale:
Detached House – $592,300
Townhouse – $244,600
Condo – $196,200
Note for First Time Buyers in the Fraser Valley
If you are a first time buyer now may be the time to break into the Fraser Valley real estate market.
“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,” says Sidhu.
I have included two publications recently issued by the FVREB which include all of these details and more. If you are interested in buying or selling within the Fraser Valley I would more than happy to sit down with you to discuss what these numbers mean for you.
