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BC Housing Sales Continue to Drop

Blog by | April 9th, 2008

BC Housing Sales Continues to Drop
Fraser Valley

March saw a 25 per cent decrease in sales compared to same period last year, with only 1,315 sales processed
 through Fraser Valley’s MLS®

Properties available for sales reached a 10-year high on the Fraser Valley Real Estate Board’s Multiple Listing Service (MLS®), with the number of active listings reaching 9,361, an increase of 27 per cent compared to the 7,351 listings available during the same month last year. The previous March offered as much or greater inventory was in 1998, when Fraser Valley had 10,148 active listings.

The number of new listings in March also decreased slightly with the Board receiving 3,277 compared to 3,369 new listings received during the same month last year, a decrease of 3 per cent.

However, the average home prices continued to increase in the strong single digits for detached and townhomes and remained in the double digits for condominiums.

Kelvin Neufeld, president of the Fraser Valley Real Estate Board explains, "With a significant increase in product and properties taking longer to sell, we have a more competitive market for sellers in the Fraser Valley right now, yet enough demand to keep prices trending upwards."

"Our advice is that to sell your home this spring, work with your REALTOR® to ensure it’s priced correctly because buyers are taking a careful look at the broader range of homes available on the MLS®."

Days On Market were almost four days longer on average for detached homes, at 50.7 days compared to the 46.9 days during March of last year. Apartments took almost eight days longer to sell with the average days to sell in March at 47.3 compared to 39.4 during the same month last year and townhomes saw the smallest increase in average days to sell, increasing 1.8 days, going from 33.6 in March 2007 to 35.4 days last month.

The price of a single-family detached home in March  increased 8.1 per cent in one year.

The average price in March 2007 was $509,197. The average price of a Fraser Valley townhouse in March was $346,949, an increase of 8.6 per cent compared to last year’s average price of $319,592. Average apartment

Prices in the Fraser Valley increased by 13.6 per cent compared to last year. In March 2007, they averaged $203,874 compared to $231,669 last month.


Greater Vancouver Area

Vancouver, BC – March 17, 2008. British Columbia Real Estate Association (BCREA) reports residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC rose 4.5 per cent to $3.26 billion in February, compared to the same month in 2007.

Residential unit sales dipped 9.8 per cent to 6,822 units during the same period. The average MLS® residential price in the province reached $478,172 in January, up 15.8 per cent from February 2007.

"BC home sales fell for the second consecutive month, marking the slowest start to a year since 2003," said Cameron Muir, BCREA Chief Economist. "While it’s still too early to call a trend, fewer home sales and an increase in active listings may be pulling the BC housing market toward balanced conditions."

"Strong employment and wage gains over the last year continue to underpin housing demand," said Muir. The number of unit sales recorded in the month was 13 per cent above the February average from 1998 to 2007. "However, continued erosion in housing affordability may be taking a toll on the ability-to-pay for some buyers."

"Additionally, a weak US economy and lower demand for BC lumber is negatively impacting BC’s forestry industries and local resource communities, while current economic volatility may also be impacting the confidence for some would-be buyers.