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FRASER VALLEY POPULAR DESTINATION FOR HOMEBUYERS IN 2007
January 3, 2008 (Surrey, BC) – The 2007 Fraser Valley real estate market finished with residential sales on the Multiple Listing Service® (MLS®) surpassing 2006’s volume, average home prices showing double-digit increases and townhomes and condominiums proving more popular.
The Fraser Valley Real Estate Board’s MLS® processed 16,547 sales of single family detached homes, townhomes and apartments, a one per cent increase over last year’s 16,435 sales. Townhomes and apartments made up 44 per cent of total residential sales in 2007, a 3 per cent increase compared to 2006. Fraser Valley’s total sales volume in 2007, which includes the residential figures above and all other property types, finished one per cent less than in 2006 – 18,862 compared to 19,000.
“Many of our clients are families with young children looking for more affordable options,” explains Jim McCaughan, president of the Fraser Valley Real Estate Board. “We saw some interesting trends in 2007 reflecting their needs. Townhome sales in White Rock/South Surrey and Langley were up 21 and 18 per cent; and in Mission, apartment sales increased by 34 per cent in one year.
“Yet we also saw more buyers investing in higher-end properties in 2007 with White Rock/South Surrey showing the highest increase in sales of detached homes compared to any other community in the Fraser Valley. Interest there pushed average prices over the 0,000 mark for the first time.”
The average price of a single-family detached home in the Fraser Valley increased by 11.4 per cent last year going from 7,252 in 2006 to 0,317 in 2007. In one year the average price of a townhouse increased by 12.7 per cent going from 6,127 in 2006 to 2,578 in 2007. The average apartment price increased by 14.9 per cent, reaching 6,990 in 2007 compared to 8,789 in 2006.
The year 2007 set a new record for annual sales dollar volume reaching over .9 billion, an 8 per cent increase over the previous year. Another increase in 2007 was in the number of listings. Over the course of the year, Fraser Valley REALTORS® listed 32,953, a 13 per cent increase compared to 2006’s 29,115 listings. The number of active listings at year’s end finished at 7,168, 18 per cent higher compared to 6,070 active listings in December 2006.
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Information and photos of all Fraser Valley Real Estate Board listings can be found on the national, public website www.mls.ca. Using the services of a REALTOR®, who has detailed access to the private MLS® database, is the most effective way to purchase your new home. The Fraser Valley Real Estate Board is an association of 3,092 real estate professionals who live and work in the communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission. |
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