Lower inventory keeps home prices in check as ‘slow
but steady’ market continues.
SURREY, BC – 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
“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.”
The Benchmark price for a typical townhouse was $259,500. Up $2,100 from last month.
There were15 reported sale compared to 2 in the previous month. Average selling time was 29 days on market.
This months sale prices reflect an increase of .48% compared to 6 months ago, up 6.22% from 3 years ago and up 2.83% from 5 years ago.
The Benchmark price for a typical Apartment was $218,800. down $800 from last month.
There were 19 reported sales compared to 19 the previous month. Average selling time was 48 days on market.
This months sale prices reflect a .21% drop compared to 6 months ago but up 5% from 3 years ago and down 1.9% from 5 years ago.
One Storey Detached:
The Benchmark price for a typical one storey home was $435,000. Down $3,100 from last month.
There were 14 reported sales compared to 8 the previous month. Average selling time was 44 days on market.
This months sale prices reflect a 4.08% drop compared to 6 months ago, a 6.43% drop from 3 years ago and a .42% drop from 5 years ago
Two Storey Detached:
The Benchmark price for a typical 2 storey home was $470,500. Down $4,100 from last month.
There were 6 reported sales compared to 3 the previous month. Average selling time was54 days on market.
This months sale prices reflect a 5.92% drop compared to 6 months ago, a 3.02% drop from 3 years ago and a 3.78% drop from 5 years ago.
The Benchmark price represents the price of a typical property within each market.