Stable Conditions Define Market

While there were some ups and downs in the Fraser Valley real estate market last year, overall it continued on a steady path, similar to the 2012 market.

Ron Todson, President of the Fraser Valley Board, says, "It wasn't the best of years, nor was it the worst. Generally speaking, 2013 overall was quiet. Earlier in the year, our market felt the impact of the tighter mortgage regulations, rebounded some in the summer and then flattened again come fall."

"The positive for both buyers and sellers has been the stability in home prices. Although our sales last year were amongst the lowest they've been in the last decade, we didn't see significant price declines because our inventory also remained lower. When both buyers and sellers take a breather it has a balancing effect on the market where neither has the upper hand."

The Fraser Valley Real Estate Board confirmed that average prices yearover- year showed detached homes rising to $615,852 in 2013 compared to $597,608 in 2012, townhomes dropping slightly from $340,253 in 2012 to $337,811 in 2013, and the average price of apartments decreasing by 0.4 percent from $220,033 in 2012 to $219,196 in 2013.

Wondering how your home would fare in the upcoming spring market? Please call today for the latest market update!.

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A New Home For The Holidays?

There's no doubt that on a personal level, many of us are immersed in one of the busiest times of the year. So that means real estate plans should be put on the back burner, right? Not so fast…

The "typical" seasons to buy and sell real estate are when the weather is good and when families with children can schedule moves with the least impact on the school year. So why list now? There could be a host of reasons, from personal to professional, but whatever the reason, homebuyers should recognize that a seller who lists at this time of year is often more motivated to sell than one who lists during the more traditional selling seasons.

Because there is less activity in the market at this time of year, it only stands to reason that from a seller's perspective, the advantage lies in less competition from other properties for sale, while the advantage from a buyer's perspective could be recognizing that the seller might be more motivated to compromise.

Lenders, agents and other real estate servicers may also have more time to spend with buyers and sellers now, as opposed to the frantic spring season where the phone never stops ringing.

Finally, while moving in the winter may not necessarily be your number one choice, imagine how good you'll feel when you're all settled in next spring, knowing you captured not only the home of your dreams, but a great 2013 mortgage interest rate too!

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Market Cool, But Stable

The Fraser Valley Real Estate Board's Multiple Listing Service® (MLS®) recorded 986 property sales this past November, a nine percent increase compared to sales from November 2012, although a 21 percent decrease compared to October 2013 sales.

Month-over-month, while the Board also received 24 percent fewer new listings – 1,774 in November 2013 compared to 2,336 in October – it saw an improvement over November 2012's new listings total of 1,723.

Ron Todson, President of the Board says, "We typically see a slowdown just before the holidays and this year it started a little sooner reflecting what we're seeing in our overall economy."

"Similar to last November, sales are hovering at about 14 percent off normal levels, but so are new listings. They're down about seven percent compared to the 10-year average, so what we're seeing is a slower but steady market keeping home prices in check and the average number of days to sale stable."

Benchmark prices remained steady in November, showing just nominal year-over-year increases or singledigit decreases. The benchmark price for single-family detached homes increased by one percent in one year to $550,300 in November 2013, while the November 2013 benchmark price for townhouses was $292,400 and the benchmark price of apartments in the Fraser Valley area was $196,200.

Wondering what your home is worth in today's market? Please call today for a no-obligation real estate review!

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Housing Rally Continues

While a 19 percent increase in October sales is normally notable news, it is being taken in stride by the Fraser Valley real estate community who view the numbers simply as a return to "typical" October activity, on par with that month's 10-year average.

According to the Fraser Valley Real Estate Board, members posted 1,249 sales on its Multiple Listing Service® in October 2013, an increase of 19 percent compared to the 1,053 sales processed during October 2012. At the same time, the Board received 2,336 new listings, a decrease of seven percent compared to the 2,522 new listings received during the same time period last year.

Ron Todson, President of the Fraser Valley Real Estate Board, notes, "We've had a great summer and good early fall, but it's important to remind everyone of the context. The last four months of 2012 were amongst the slowest for our real estate market in the last 15 years."

"What we're witnessing is a return to a balanced residential market indicated by prices remaining unchanged or down slightly compared to a year ago, stable inventory levels and the average length of time to sell a home is about two months."

In October, the benchmark price of single-family detached homes in the Fraser Valley area was $551,400, compared to townhouses at $295,500 and apartments at $199,500.

Is it time for you to trade up, move down, or just look around? Please call for a discussion on your real estate plans today!

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