Fraser Valley Real Estate Board November Market update

Fraser Valley Real Estate Board
Contact
Laurie Dawson, Assistant Manager, Communications laurie.dawson@fvreb.bc.ca
Fraser Valley Real Estate Board Telephone 604.930.7657
Fax 604.930.7623
www.fvreb.bc.ca
For Immediate Release: December 2, 2014
2014 trend towards increased sales and steady
pricing continues into November
SURREY, BC – 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.”

Contact
Laurie Dawson, Assistant Manager, Communications laurie.dawson@fvreb.bc.ca
Fraser Valley Real Estate Board Telephone 604.930.7657
Fax 604.930.7623
www.fvreb.bc.ca

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