The Fraser Valley Real Estate Board processed 1,136 sales on its Multiple Listing Service (MLS®) in November, an increase of 15 per cent compared to the 986 sales during the same month last year and 22 per cent lower than the 1,448 sales processed in October.

 

New listings in the Fraser Valley decreased by 2 per cent in November, going from 1,774 last year to 1,748 last month taking the number of active listings to 8,302, a decrease of 4 per cent compared to the 8,641 active listings in November of 2013.

 

“This is the time of year when families are settling in for winter and the holidays, so we expect to see a decrease in activity,” explains the Board’s president, REALTOR® Ray Werger. “After a busy fall with volumes reaching 5-year highs, we’re winding down the year with sales on par with the ten-year average, but about 8 per cent fewer new listings therefore home buyers will notice a shortage of inventory in certain price ranges.”

 

Pricing continues along the same trends as seen for most of 2014, with single family detached prices continuing to rise; townhouse prices remaining steady, and apartment prices decreasing. The MLS® Home Price Index (MLS® HPI) benchmark price of a detached home in November was $575,400 an increase of 4.6 per cent compared to November 2013, when it was $550,300.

 

The MLS® HPI benchmark price of townhouses increased 2.2 per cent from $292,400 in November 2013 to $298,900 last month. The benchmark price of apartments decreased year-over-year by 3.5 per cent, going from $196,200 in November of last year to $189,400 in November 2014.

 

“Prices are a function of supply and demand - which your REALTOR® will explain varies considerably from area to area and within the different property types - as well as local amenities, transportation options and future community development, underscoring the importance of expert guidance when you’re looking to list or buy,” says Werger.

“Overall, 2014 is shaping up to be a good year for Fraser Valley real estate,” continues Werger. “We hit a bit of a trough during the summer of last year, but since then sales have recovered and we’re tracking towards a 15 per cent increase in year-to-date sales for 2014 compared to 2013 with prices remaining relatively stable.”

 

Find the November Statistics Package here.

 

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As an entrepreneur it's always good to get inspiration from those around us, especially those who are making a real impact and a difference.

 

Here is a video from the Fraser Valley Real Estate Board president, Ray Werger with a very inspirational story:

 

 

What a great story! You can learn more about John Besh here.

 

 

Because YOU Deserve the Best ...

 

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September market stats for the Fraser Valley Real Estate Board

Ray Werger, Board president, says, “Similar to this past summer, this is the busiest September we’ve had since 2009 with sales of all property types combined out-performing the 10-year average by 13 per cent."



“Residentially, the single family detached home remains the preferred property type. From North Delta to Mission, sales increased in every Fraser Valley community compared to last year with the price range of $400,000 to $699,999 garnering almost sixty per cent of our total detached market.”

 

New listing activity was also steady in September with the Board’s MLS® receiving 2,758 new listings, an increase of 16 per cent compared to last year, taking the total number of active listings by month-end to 9,156, a decrease of 7 per cent compared to September 2013.

 

Werger adds, “An important factor underlying the housing market is consumer confidence and in our region that confidence has been bolstered by the stability of home prices. Since March, the benchmark price of our three main residential property types combined has remained flat, increasing by only 0.6 per cent.

 

“Long-term, the value of single family detached homes has increased at a faster pace than it has for attached properties, particularly in areas such as Surrey, White Rock, Langley and Abbotsford where we’ve seen many new townhome and condo developments. The supply of new inventory has affected the price of resale product.”

 

Please click here for the full report.

 

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Here is the latest news from the Fraser Valley Real Estate Board:

 

 

Continued demand for single family homes and townhomes resulted in the busiest July in five years for the Fraser Valley Real Estate Board. The Board’s Multiple Listing Service® (MLS®) processed 1,615 sales in July, an increase of 11 per cent compared to the 1,456 sales in July last year and 1.4 per cent above the 10-year average for the month.

 

Ray Werger, President of the Board, says, “July’s steady activity is a continuation of what we’ve been seeing all year. Our market has fully recovered from last year’s slump and has returned to what we typically see in the Fraser Valley, which is a steady, consistent market.”

 

In July, the Board received 2,724 new listings, a decrease of 2 per cent compared to July 2013 taking the number of active listings in Fraser Valley to 9,636, a decrease of 8 per cent compared to the volume available in July 2013.

 

Werger says, “Although our sales were slightly above average for the month, the volume of new listings added to the MLS® was 7 per cent lower than what’s typical for July, so for certain property types and price ranges we’re actually seeing a shortage of listings creating a seller’s market for particular homes.

 

“When demand starts to exceed supply it puts upward pressure on prices and in areas such as White Rock/South Surrey, North Delta and Langley we’ve seen an increase in benchmark prices of single family detached homes ranging from 3 to 6.6 per cent over the last year. It’s a different story for condos. In most of our market, there’s excellent selection and prices lower than they were one year ago offering tremendous opportunities for buyers.”

 

In July, the benchmark price, as determined by the MLS® Home Price Index (MLS® HPI), of a ‘typical’ single family detached home was $568,300, an increase of 3 per cent compared to July 2013 when it was $551,000.

 

The HPI benchmark price of Fraser Valley townhouses increased by 0.2 per cent; going from $297,800 in July 2013 to $298,500 in July 2014. The benchmark price of apartments was $194,700 last month, a decrease of 3.6 per cent compared to $202,000 in July of last year.

 

Find the July Statistics Package here.

 

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The Vancouver Sun reports: Another healthy jump in real estate sales across the Lower Mainland in June is putting some areas “on the cusp” of a seller’s market where demand outstrips supply and pushes prices higher, according to reports released by the region’s major real estate boards.




The most recent sales results fit with Central 1 Credit Union’s latest housing forecast, which estimates that the surprise cut in mortgage rates earlier this year will produce a modest, steady rise in housing demand even as interest rates move higher in coming years.

Read more here.


 

 

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The Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) processed 1,668 sales in June, an increase of 26 per cent compared to the 1,327 sales in June of last year and 2 per cent higher than sales in May. In terms of historical comparison, last month’s sales finished 7 per cent below the 10-year average for June with the previous best June occurring in 2010.

 

Ray Werger, President of the Board, says, “Recent news reports indicate that consumer optimism about real estate is at its highest level in a number of years and we’re experiencing that at the ground level.

 

“Over the last three months, we’ve seen a surge in demand specifically for single family homes and townhomes in most of our communities. Our number one buyer is families with children and they’re taking advantage of ultra-low interest rates combined with more affordable, stable prices in the Fraser Valley.”

 

In June, the benchmark price, as determined by the MLS® Home Price Index (MLS® HPI), of a ‘typical’ residential home – detached, townhouse and apartment combined – was 1.3 per cent higher than June of last year. For the single family detached home, the HPI benchmark price in June was $568,600, an increase of 3 per cent compared to June 2013 when it was $552,200. This is a record high benchmark price for detached homes since the MLS® HPI began in January 2005.

 

The HPI benchmark price of Fraser Valley townhouses decreased by 0.3 per cent; going from $298,700 in June 2013 to $297,800 in June 2014. The benchmark price of apartments was $197,000 last month, a decrease of 2.7 per cent compared to $202,500 in June of last year.

 

Werger adds, “We’re essentially seeing two markets right now, so it’s important to get advice dependent on what you’re listing or buying. Competitively priced, mid-range single family homes are being snapped up quickly, on average in a little over a month, whereas condos and higher-end, executive homes in our region are taking as long as three months on average to sell. Talk to your REALTOR® to find out where you fit.”

 

The Board’s MLS® received 13 per cent more new listings in June, 2,974 compared to the 2,625 new listings received during June of last year. The month finished with 9,853 active listings, a decrease of 6 per cent compared to the 10,515 active listings available during June of last year.

 

Find the June Statistics Package here.

 

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In March, the Fraser Valley Real Estate Board (FVREB) processed 1,259 sales on its Multiple Listing Service® (MLS®), an increase of 12 per cent compared to the 1,128 sales during March of last year, and a 14 per cent increase compared to February’s 1,102 sales.

 

Ray Werger, President of the Board, says, “We did see activity pick up last month with an increase in demand in particular for single family detached homes. Sales were noticeably higher in North Delta, Mission and Langley compared to last year.

 

“Last March, sales of detached homes accounted for 55 per cent of sales of our three main residential property types and this year that increased to 58 per cent. It may not sound like much, but that translated into over 100 more sales. The property type that lost ground was townhouses.” Werger explains, “Our main buyers are families looking for the best value possible by taking advantage of continuing low interest rates and stable home prices.”

 

The most popular price range for single family detached homes in the Fraser Valley last month was between $500,000 and $600,000. The benchmark price of a typical detached home was $563,400, an increase of 3.5 per cent compared to $544,300 during the same month last year.

 

For townhouses, the benchmark price in March was $297,100, a decrease of 0.4 per cent compared to $298,200 in March 2013 and the benchmark price of apartments was $195,400, a decrease of 4.3 per cent compared to $204,200 in March 2013.

 

The Board posted 2,799 new listings last month, an increase of 2 per cent compared to the 2,736 posted during March of last year bringing the total number of active listings in March to 8,763 – 8 per cent less than were available during March 2013.

 

Werger adds, “We can’t emphasize enough that real estate is local. What’s happening with the Fraser Valley housing market in general may or may not be happening to the market for your home. Contact your local REALTOR® for detailed market information by community, neighbourhood and property type.”

 

In March, Fraser Valley’s sales-to-active-listings ratio – a comparison of sales and inventory that measures the health of the market – was 14 per cent for all property types (residential and commercial combined); and, 18 per cent for the three main residential property types indicating stability in the marketplace.

 

Find the March Statistics Package here.

 

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The Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) recorded 1,102 sales in February, an increase of 43 per cent over January’s sales and an increase of 21 per cent over the 913 sales during February of last year.

 

Ray Werger, President of the Board, says, “The last time we saw an improvement in the market this early in the year was two years ago when we ended up having a solid, steady market from February through to mid-summer. It’s too early to predict whether this year will be similar, but for now sales are up and the average number of days to sell a detached home is one week faster than it was in January.”

 

Werger adds, “Although sales have picked up, it’s important to mention that they’re still hovering about 10 per cent below our 10-year average and the increases in activity are specific to property type and location, so be sure to ask your REALTOR® how your home and neighbourhood compare.”

 

The Board posted 2,666 new listings last month, an increase of 3 per cent compared to the 2,582 posted during February of last year bringing the total number of active listings in February to 8,210 – 11 per cent more than were available in January and 8 per cent less than were available during February 2013.

 

Werger adds, “Generally, we’re finding for all property types if they’re priced right there is a buyer; however, demand for single family detached homes and townhomes is the most consistent with certain pockets in Langley, Abbotsford and North Delta that are thriving, which is why prices for detached homes in those areas are either on par or elevated compared to last year.

 

“Fraser Valley’s condo market, moderately busier in February, continues to favour buyers offering excellent opportunities due to higher levels of inventory and prices comparable to what they were eight years ago.”

In February, the benchmark price of single family detached homes in the Fraser Valley was $558,100, an increase of 3.2 per cent compared to $540,900 during the same month last year. For townhouses, the benchmark price was $298,900, an increase of 0.7 per cent compared to $296,700 in February 2013 and the benchmark price of apartments was $193,200, a decrease of 4.6 per cent compared to $202,500 in February 2013.

 

In February, it took on average 51 days to sell a detached home compared to 58 days in January. Townhomes took 55 days on average to sell compared to 60 days the month before and apartments spent an average of 70 days on the market in February compared to 86 days in January.

 

Find the February Statistics Package here.

 

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I'd like to introduce you to another portion of my life today, something you may not know about:

 

 

 

As part of this committee I want you to know that we are serving you, the buyers and sellers of the Fraser Valley area, and that our greatest focus is on the property purchase tax and other very important issues.

 

 

Please feel free to connect with me at 604.832.8229 if you have any questions about my involvement with this committee.

 

Till next time ...

 

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"For the 19th year in a row, Realtors from the real estate boards in Greater Vancouver, the Fraser Valley and Chilliwack and district collected enough donations of coats, blankets, sleeping bags and warm clothing to help more than 20,000 people during the annual Realtors Care Blanket Drive.

 

The Dr. Peter Centre, one of Vancouver’s recipient charities, offers health programs and long-term and supportive housing to individuals with HIV/AIDS requiring specialized care. Another regular beneficiary of the Blanket Drive is the Surrey Memorial Hospital’s Patient Resource Department. Every year, the hospital receives winter coats to give to patients who need them.

 

Volunteer Realtors pick up, sort and deliver donations dropped off by colleagues, clients, the public, corporations, retailers, community groups and schools. The drop-off locations are real estate offices spread across the region, between Whistler and Hope.

 

Since 1994, the Blanket Drive has grown to become the largest collection of its kind in the Lower Mainland. Over the years, the program has assisted more than 225,000 people."

 

Originally shared by REMOnline.com.

 

 

Extremely humbled and feeling grateful to be a part of this.

 

Till next time ...

 

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Neither predictions of a huge crash or notable recovery came to pass in 2013 as Fraser Valley’s real estate market stayed slow and steady, similar to 2012’s market.

 

Fraser Valley’s total sales volume last year was 13,663 a decrease of 1.5 per cent compared to 13,878 in 2012. Over the course of the year, Fraser Valley REALTORS® listed 29,338 properties on the Multiple Listing Service® (MLS®), a 5.4 per cent decrease compared to 2012’s 31,009 listings. The number of active listings at year’s end finished at 7,541, 5 per cent higher compared to 7,187 active listings in December 2012.

 

Ron Todson, President of the Fraser Valley Board, says, “It wasn’t the best of years, nor was it the worst. Generally speaking, 2013 overall was quiet. Earlier in the year, our market felt the impact of the tighter mortgage regulations, rebounded some in the summer and then flattened again come fall.

 

“The positive for both buyers and sellers has been the stability in home prices. Although our sales last year were amongst the lowest they’ve been in last decade, we didn’t see significant price declines because our inventory also remained lower. When both buyers and sellers take a breather it has a balancing effect on the market where neither has the upper hand.”

 

Read the full report here.

 

Welcome to 2014!

 

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Lower Mainland real estate markets so far aren't keeping pace with this year's gains in the stock markets.

 

The Real Estate Board of Greater Vancouver said its composite benchmark price for all residential properties was $600,700 in October – a 0.5 per cent drop from a year ago. Attached duplexes and townhomes were virtually unchanged, while detached houses were down 0.5 per cent year-over-year and apartments were down 0.9 per cent.

 

The Fraser Valley Real Estate Board (FVREB), which includes Surrey, White Rock and North Delta, reported its benchmark detached house price was up 0.8 per cent to $546,900 from a year ago, while townhouses were down 0.5 per cent and apartments are down 2.2 per cent.

 

“What we’re witnessing is a return to a balanced residential market indicated by prices remaining unchanged or down slightly compared to a year ago," said FVREB president Ron Todson, who also cited stable inventory levels and the current two-month average wait for a home to sell.

 

 

The broad Canadian stock market index is up 10 per cent from one year ago, while the U.S. S&P 500 is closing in on a 30 per cent year-over-year gain.

 

 

Reposted from the abbynews.com.

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The Fraser Valley real estate market continues to edge closer to typical activity levels as September saw the largest year-over-year increase in property sales this year to date.

 

The Fraser Valley Real Estate Board processed 1,131 sales on its Multiple Listing Service® (MLS®) in September, an increase of 32 per cent compared to the 857 sales processed during the same month last year and 10 per cent fewer than processed in August.

 

Ron Todson, President of the Board, explains, “It is good news however, it’s important to put the increase into context. Our home sales in September went from the worst in 10 years to just below our 10-year average.

 

“It can take a year or more for the market to recover from regulatory changes such as last year’s tightening of mortgage rules introduced by the federal government. Although we are seeing evidence of first-time home buyers returning to the market, we have to keep in mind that it is more challenging now for them to get financing, so although we’re witnessing a recovery to a balanced market it is gradual.”

 

Todson adds, “An improvement in our sales in the Fraser Valley has not translated to an increase in home prices because inventory levels have either kept pace or depending on the property type and community are elevated.

“Your REALTOR® can provide specifics for your area, for example there is 12 months of condo inventory right now in White Rock/South Surrey, 5 months of inventory for single family homes in North Delta and only 3 and a half months of townhouse inventory in Langley. Real estate is local so to understand your market, talk to an expert.”

 

The full monthly update can be read by clicking here.

 

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From the Fraser Valley Real Estate Board: Continued improvement in Fraser Valley’s housing market!

 

Great news!

 

"Buyers and sellers continued to show greater confidence in the market last month as home sales on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) edged closer to typical levels.

 

The Board processed 1,258 sales in August, an increase of 17 per cent compared to the 1,073 sales in August of last year however, the volume remains 13 per cent below the 10-year average for the month.

 

Ron Todson, President of the Board, explains, “The best way to describe our market currently is one of continued, modest improvement as buyers and sellers become more confident."

 

“In the last month in the Fraser Valley, we’ve seen an increase in sellers willing to accept an offer subject to another sale, we’re seeing fewer deals collapse and we’re seeing more move-up buyers, either improving on the size or quality of their existing home. These are all indicators of a return to a more typical, stable market.”

 

In terms of inventory, the Board received 2,353 new listings in August, a decrease of 2 per cent compared to the 2,406 new listings received during the same month last year – leaving the volume of active properties at 10,127 a decrease of 2 per cent compared to August 2012.

 

Todson says, “An important measure of the balance between housing supply and demand is the number of months it would take to sell our existing inventory. We’re currently sitting at eight months’ supply in the Fraser Valley, indicating a balanced market, which is also being reflected in the stability of home prices."

 

You can read the entire original post here.

 

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Property sales in the Fraser Valley were 9 per cent lower in June compared to last year – 1,327 compared to 1,463 in June 2012 – remaining significantly below 10 and 20 year averages. However, data from the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) reveals localized bright spots where sales have rebounded since May.

Ron Todson is the Board’s president. “In the last month, sales of single family detached homes have picked up in North Delta, North Surrey, Langley and Abbotsford, and in some neighbourhoods where we’ve seen a decrease in new listings, we now have a shortage of quality inventory.

“It’s too soon to know if this trend shows increased consumer demand in general, or if it’s specific to those communities, property types and price points, but it does speak to the importance of getting local real estate expertise if you’re thinking of buying or selling because of the wide variance in the market depending on neighbourhood and property type.”

 

You can read the full report here.

 

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The following is the monthly statistics report from the Fraser Valley Real Estate Board:

 

"The Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) processed 1,379 sales in May, a decrease of 15 per cent compared to the 1,616 sales in May of last year and 1 per cent more than were processed in April. By historical comparison, sales in May were the slowest for that month since 2001.

Looking at inventory, the Board received 3,172 new listings in May – 4 per cent fewer than received during the same month last year – raising the volume of active properties to 10,651 the highest it’s been this year and 2 per cent lower than those available in May 2012.

Ron Todson, President of the Board, says, “We’re in a transitioning market. We’ve seen a significant improvement in activity compared to last fall, but by historical standards we’re lagging. Sales are about 20 per cent lower than normal for this time of year, while the number of new listings coming on stream is right on average.”

An industry standard for measuring the health of the real estate market is comparing the ratio of number of sales to the number of active listings. The British Columbia Real Estate Association describes the Lower Mainland market as balanced when that ratio is between 15 and 20 per cent. In the Fraser Valley, that ratio has favoured buyers hovering between 10 and 15 per cent for most of the last three years.

Todson adds, “In order for there to be significant downward pressure on home prices, you need to have a sustained period of time when the ratio of sales-to-actives is in the single digits and because that hasn’t happened, prices are remaining relatively stable.”"

 

You can read the entire report by clicking here.

 

If you have any questions about what was reported here please don't hesitate to get in touch with me.  I look forward to helpiing you.

 

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I was forwarded some really great information this morning from the Fraser Valley Real Estate Board that I'd love to share with you, my readers. 

 

The article that struck me the most was in regards to the recent BC election that took place mid-May.  Here  are some portions of it, and here is the link to the full article.

 

 

Many familiar faces elected in the Valley

"Were you surprised and shocked to watch the BC Liberals secure a majority in the recent provincial election? At least a few Fraser Valley REALTORS® were. After all, most of the polls leading up to the election were predicting the New Democrats would be forming the next BC government. As well, it appeared to be a foregone conclusion that the BC Liberals would be losing seats across the province.

 

However, the BC Liberals actually gained a few seats in the election, especially in the Fraser Valley. Fortunately, most of the new MLAs are already familiar to the Board's Government Relations (GR) committee. They've met them at Board-sponsored all-candidates' meetings and at other past events."

 

Whether or not you like politics is somewhat irrelevant, politics touches every part of our lives and affects everyone, so I really hope you did your duty and voted. It is important to have your voice heard; a privilege, not a right, so don't misuse or take advantage of it.

 

 

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“Because inventory levels are in check, prices are staying in check.”

 

Here is a Fraser Valley Real Estate Board update for the month of March 2013.

 

"In March, the Fraser Valley Real Estate Board processed 1,128 sales on its Multiple Listing Service® (MLS®), a 20 per cent decrease compared to the 1,412 sales during the same month last year, and a 24 per cent increase compared to February’s 913 sales.

The Board also received 11 per cent fewer new listings in March compared to last year – 2,736 compared to 3,066 – keeping inventory in check. March finished with 9,503 active listings, 1.5 per cent fewer than March of last year and 3.5 per cent fewer than the 9,832 available during March of 2009; the highest volume of active listings for that month in the last decade.  

Ron Todson, President of the Board, explains, “Although we saw a typical spring uptick in activity from February to March, our sales remained at about 70 per cent of the norm for March and our new listings came in at 90 per cent of what the Board would typically receive.

“Because inventory levels are in check, prices are staying in check.”   

In March, the benchmark price of single family detached homes in the Fraser Valley was $544,300, an increase of 0.6 per cent compared to $541,300 during the same month last year. For townhouses, the benchmark price was $298,200, a decrease of 1.7 per cent compared to $303,400 in March 2012 and the benchmark price of apartments was $204,200, an increase of 0.8 per cent compared to $202,500 in March 2012.

Todson adds, “Inventory levels are not as high as they need to be to put significant downward pressure on prices of the benchmark, or ‘typical’ home. These are homes that have characteristics most common to houses in a given community.  

“In fact, we’re seeing the reverse happen. Benchmark prices for all three main property types in the Fraser Valley increased in value during the first quarter of 2013. Since January, detached homes are up by 1 per cent, townhomes by 0.6 per cent; and apartments by 2 per cent.”

 

See the full statistics package for March here.

 

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There are positive signs Fraser Valley housing market is starting to move

 

Good news today from the Fraser Valley Real Estate Board:

"Sales on Fraser Valley’s Multiple Listing Service® (MLS®) in February experienced a typical ‘early spring’ surge, increasing by 48 per cent in one month going from 617 sales in January to 913 last month. However year-over-year, they reflect a decrease of 28 per cent compared to the 1,269 sales processed in February 2012. Since last September, home sales have idled at levels last seen in the early 2000s.

 

Based on February’s increase in activity, Ron Todson, President of the Board, is guardedly optimistic, “We’re seeing signals that the stand-off between buyers and sellers over the last six months is coming to an end.

 

“Business has picked up in the last month with increased traffic at open houses, sellers quicker to accept offers and homes selling on average two weeks faster than they did in January.”

Todson adds that tightening inventory has also had an effect, “When buyers see that their selection is diminishing they’re more motivated to act.” The Board posted 2,582 new listings last month, a decrease of 9 per cent compared to the 2,846 posted during February last year pushing the total number of active listings down by 1.6 per cent compared to 2012.

 

“As your REALTOR® will explain, each market is different. Right now, the market for detached homes is balanced in North Delta and Langley. The condo market is brisk in Abbotsford and Central Surrey and townhome sales are steady in North and Central Surrey as well as Cloverdale."

You can read the entire post here.

 

If you have questions regarding the latest update on the status of real estate in the Fraser Valley area please don't hesitate to get in touch with me at 604-832-8229 or email me at michele@michelecartwright.com.

 

Till next time ...

 

 

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I'd like to share with you today a short update on the local markets for the Langley and Abbotsford areas:

 

 

If you have any questions about what's happening in the greater FVREB area don't hesitate to get in touch with me at michele@michelecartwright.com.

 

Till then ...

 

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