Buyers see value in single family detached homes
in the Fraser Valley
SURREY, BC – 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.
To read more: http://www.fvreb.bc.ca/statistics/Package%20201403.pdf