News Release
Fraser Valley Real Estate Board

For Immediate Release: Sept. 4, 2013

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Continued improvementin Fraser Valley’s housing market

SURREY, BC – Buyers and sellers continued to show greater confidence in themarketlastmonth as home sales on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) edged closerto typical levels. The Board processed 1,258 salesin August, an increase of 17 per cent compared to the 1,073 salesin August of last year however,the volume remains 13 per cent below the 10‐year average forthemonth. Ron Todson, President ofthe Board, explains, “The best way to describe ourmarket currently is one of continued,
modestimprovement as buyers and sellers becomemore confident. “In the lastmonth in the Fraser Valley, we’ve seen an increase in sellers willing to accept an offersubjectto anothersale, we’re seeing fewer deals collapse and we’re seeingmoremove‐up buyers, eitherimproving on the size or quality oftheir existing home. These are all indicators of a return to amore typical,stablemarket.” In terms ofinventory,the Board received 2,353 new listingsin August, a decrease of 2 per cent compared to the 2,406 new listingsreceived during the samemonth last year – leaving the volume of active properties at 10,127 a decrease of 2 per cent compared to August 2012.
Todson says, “An importantmeasure ofthe balance between housing supply and demand isthe number ofmonths
it would take to sell our existing inventory.We’re currently sitting at eightmonths’supply in the Fraser Valley, indicating a balancedmarket, which is also being reflected in the stability of home prices. “Home prices generally remain unchanged or down slightly froma year ago; however, do check with your local REALTOR® if you’re in need ofspecific values because the range between property type and community can be sizeable.”
In August,the benchmark price ofsingle family detached homesin the Fraser Valley was $551,000, virtually on par
with $551,400 during the samemonth last year. Fortownhouses,the benchmark price was $298,200, a decrease
of 1.6 per cent compared to $303,000 in August 2012 and the benchmark price of apartments was $203,900, 1.3
per centlessthan in August 2012 when it was $206,600.