Record Sales for March 2016 in the Fraser Valley

News Release: April 4, 2016
MARCH SEES HIGHEST MONTHLY SALES ON RECORD FOR FRASER VALLEY
SURREY, BC – Fraser Valley real estate hit a historical high in March, setting the record for sales processed in one month since the Fraser Valley Real Estate Board’s (FVREB) inception in 1921. .
In March, the FVREB processed 3,006 sales on its Multiple Listing Service® (MLS®), an increase of 62 per cent compared to March 2015 and 26 per cent more then was processed in February. The previous record of 2,720 processed sales was set in March of 1991.
Charles Wiebe, President of the Board, said of this month’s statistics, “This market is uncharted territory for Fraser Valley real estate. It’s typical for spring to see a jump in activity; however, March came and went at a break-neck, record-setting pace. I’ve never seen anything like it.”
“While I’m certainly encouraged that so many are finding their way to owning a home in the Fraser Valley, I know that it can also be challenging for first-time homebuyers and those looking to transition. Talk to a local REALTOR®, and discuss what you want and what’s possible for you. We can help you get there.”
The Board received 4,057 new listings in March, an increase of 31 per cent compared to March of last year, and a 24 per cent increase from February. The total active inventory for March was 5,485, down 33 per cent from last year’s 8,193 active listings.
Wiebe commented, “This is typically a busy time of year to buy and sell real estate, and those seeking homes are hungry to purchase. Unfortunately, inventory is struggling to keep up. With that said, if you’re thinking of selling your home, I encourage you to talk to a REALTOR® and consider your current opportunities. The market is in your favor.”
Across Fraser Valley, the average number of days to sell a single family detached home in March 2016 was 17 days, compared to 43 days in March 2015.
The MLS® HPI benchmark price of a Fraser Valley single family detached home in February was $741,000, an increase of 26 per cent compared to March 2015 when it was $588,500.
In March, the benchmark price of townhouses was $344,300, an increase of 14.9 per cent compared to $299,700 in March 2015. The benchmark price of apartments also increased year-over-year by 13.8 per cent, going from $190,800 in March 2015 to $217,200 in March 2016.

Mortgage rates are down and the local real estate market takes another hit. We are passing the mid-point of the year most homeowners at this point are very aware of the down turn we are experiencing in the local real estate market. Inventory has climbed and sales have fallen. Property values are headed down and as much as some would call it a balanced market, it’s more of a buyers’ market. Of course, there are few exceptions to this. Vancouver area homes sales posted their weakest June in almost twenty years. “We’re continuing to see an expectation gap between home buyers and sellers in Metro Vancouver,” said Ashley Smith, REBGV president. “Sellers are often trying to get yesterday’s values for their homes while buyers are taking a cautious, wait-and-see approach.” To take a closer look at the stats, click here Selling property in this market is challenging and requires a skillful realtor. Hard work often pays off, but in these conditions; it’s more about price and affordability. Buyers are taking advantage of these conditions and ‘low ball offers’ are becoming the norm. Sellers should prepare themselves and understand that it will likely take additional time to sell their home. When it comes to selling successfully there are few things that can help in delivering great results. Click here to ask me. Mortgage lending conditions are not much better. The good news is that interest rates have fallen since the beginning of the year and 5 year fixed is now as low as 2.74%. Most economists think fixed rates should hold steady and that we should see the prime lending rate move lower later this year. Borrowers looking to access these cheap rates should ensure they have all income taxes up to date and if you are self-employed ensure you have updated financial statements. This will help get you the answer you need quickly. Alternatively, if you need funds quickly and cannot meet the stringent lending criteria; then there are lots options but it comes at a higher cost. Mortgage rates: (certain conditions apply): Best 5 year fixed: 2.74% - insured Best 5 year fixed: 2.79% - uninsured Best Variable: Prime – 1% Best 10 year fixed: 3.44%