SELECTION IMPROVES FOR SPRING BUYERS IN FRASER VALLEY
The Multiple Listing Service®
(Surrey, BC) – March sales figures from the Fraser Valley Real Estate Board’s Multiple Listing Service® show a swell of new listings balanced by strong average prices and demand.
The total number of sales processed through the MLS® in March was 1,743, a decrease of 16 per cent compared to the same month last year when 2,072 sales were processed. New listings increased by 33 per cent compared to the same month last year with 3,369 new listings in March taking the number of active listings to 7,351, an increase of 46 per cent compared to the 5,037 active listings in March of 2006.
“The wider selection gives people more time to make their buying decision,” says Jim McCaughan, President of the Fraser Valley Real Estate Board. “This is reflected in the gradual increase we’ve seen in the number of days a Fraser Valley home is on the market.”
Compared to the same month last year, it took eight days longer to sell a single-family detached home in the Fraser Valley in March 2007 and just over five days longer for townhomes and apartments.
“It’s important to note that although REALTORS® and their clients have a few more days to do their research, the timeframe is still a competitive month to two months to sell a home in the Fraser Valley.” McCaughan adds that this is one reason average prices remain so strong.
In March, the average price of a single-family detached house in the Fraser Valley was $509,197, an increase of 15 per cent compared to the same month last year when the average price was $442,726.
The average price of townhomes also saw an increase of 15 per cent, going from $277,999 in March 2006 to $319,592 in March 2007. The average apartment price in March 2007 was $203,874 compared to $180,545 the same month last year, an increase of 12.9 per cent.
These statistics are for "Average" prices only and should not be relied upon as an accurate method of determining your homes current market value. Consult your Realtor.
The sale price of a "typical" house in the Fraser Valley has been defined by the residential property features that occur most frequently in MLS sales in the Fraser Valley and are as follows:
Single-family detached house:
60-foot lot, 2,103 sq. ft., basement, 8 rooms total: 4 bedrooms, 2 full bathrooms, 130 sq. ft. kitchen, 2 fireplaces, 1-car garage, 12 years old, and gas heat
Townhouse:
ground level, 1,534 sq. ft., no basement, 6 rooms total: 3 bedrooms, 2 full bathrooms, 100 sq. ft. kitchen, 1 fireplace, 1-car garage, 6 years old, gas heat, strata title
Apartment:
1,020 sq. ft., 5 rooms total: 2 bathrooms, 86 sq.-ft. kitchen, 1 fireplace, 1 underground car stall, 4 years old, electric heat, strata title
House with acreage:
2.25 acres, 200 feet frontage, 2,240 sq. ft., no basement, 8 rooms total: 3 bedrooms, 2 full bathrooms, 150 sq.-ft. kitchen, 1 fireplace, 1 car garage, 19 years old, and no natural gas heat
This information is from Fraser Valley Real Estate Board reports and statistics.
For specific information, consult your Realtor
or contact Brian Rooney 604-888-7424
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