Solid February for Fraser Valley real estate market
Fraser Valley Real Estate Board MLS® Report
March 2, 2007
(Surrey, BC) – The Fraser Valley real estate market experienced a typical February surge, with a 41 per cent increase in sales compared to January. Inventory continued to grow compared to the previous month and year and annual percentage increases on average home prices remained in the double-digits.
The total number of sales processed through the Multiple Listing Service® in February was 1,413, a decrease of 15 per cent compared to the same month last year when 1,672 sales were processed and on par with 1,464 sales processed in February 2005.
Some 2,552 new listings were added to the MLS® which added up to 6,304 active listings in February, an increase of 5 per cent from January and an increase of 22 per cent compared to February 2006 when there were 5,182 active listings.
“As BC economists projected, demand continues to remain strong in the Lower Mainland. Consumers are looking to the Fraser Valley for more affordable options,” says Jim McCaughan, President of the Fraser Valley Real Estate Board. “This is why we’re seeing prices in all categories, and in particular in townhomes and condominiums, remain resilient.”
The average price of a single-family detached house in the Fraser Valley in February was $507,439, an increase of 16.8 per cent compared to the same month last year. In February 2006, the average price was $434,516.
Townhouses sold for an average of $312,421 in February, an increase of 17.2 per cent from 2006 when they sold for an average of $266,560. The average apartment price went up 24.7 per cent in one year, from February 2006’s average of $167,526, to $208,885 in 2007.
Information and photos of all Fraser Valley Real Estate Board listings can be found on the national, public web site www.mls.ca. Using the services of a REALTOR® , who has detailed access to the full, private MLS® database, is the most effective way to purchase your new home.
Further market statistics can be found on the Board’s web page at www.fvreb.bc.ca. The Fraser Valley Real Estate Board is an association of 2,869 real estate professionals who live and work in the communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission.