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Blog by Frank Mihal

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SEPTEMBER PREVIEWS FALL REAL ESTATE

MARKET IN THE FRASER VALLEY

(Surrey, BC) – After a slowdown in July and August, the Fraser Valley Real Estate Board (FVREB) saw

a modest month-over-month increase in sales on its Multiple Listing Service (MLS®) in September and a

decrease in overall inventory for the fourth month in a row.

Deanna Horn, FVREB President, says, “This is the beginning of the fall market. Our sales, while lower

than a typical September, are up compared to the summer and the average days to sale for single detached

homes decreased slightly compared to August.”

A total of 1,044 sales were processed on FVREB’s MLS® in September, an increase of 5 per cent

compared to 997 sales in August, however a decrease of 34 per cent compared to 1,590 sales in

September of last year. The Board received 2,411 new listings last month, a 15 per cent increase from

August, yet a 9 per cent decrease compared to September 2009. The Board finished September with 9,959

active listings, 3 per cent fewer than in August and an increase of 13 per cent compared to the 8,799

properties available in September 2009.

Horn explains, “Although consumers have 13 per cent fewer properties to look at in Fraser Valley than

they did in May, it remains a buyers’ market with a healthy selection, near-record low interest rates and

stable prices.

“It’s important that both buyers and sellers recognize that as long as inventory levels continue to decline,

there is less downward pressure on pricing.”

The benchmark price for Fraser Valley detached homes in September was $507,429, down 0.5 per cent

compared to August and 3.3 per cent higher compared to $491,404 in September 2009.

The benchmark price of Fraser Valley townhouses in September was $321,843, a 0.8 per cent decrease

compared to August and a 3.1 per cent increase compared to September 2009 when it was $312,143.

Year-over-year, the benchmark price of apartments decreased 0.3 per cent going from $240,378 in

September 2009 to $239,625 last month. It remained unchanged from the benchmark price in August.