What's Happening in the Fraser Valley Real Estate Market?

Fraser Valley Real Estate Has Strongest January on Record

Thu, 04 Feb 2016 19:19:50 GMT

Thank you for reading the Mitten Real Estate Team's Blog, we are pleased to bring you the latest report on Frase rValley Real Estate courtesy of the Fraser Valley Real Estate Board.

Fraser Valley’s real estate market showed no signs of slowing down, producing the strongest sales for January on record. The Fraser Valley Real Estate Board processed 1,338 sales on its Multiple Listing Service® (MLS®) in January, an increase of 57 per cent compared to January 2015 and 13 per cent fewer then were processed in December. Sales in January ranked at the top for the last ten years coming in 57 per cent over the 10-year average, and 5 per cent higher than the previous record of 1,270 sales in January 1992. Jorda Maisey, President of the Board said, “Typically, we see January numbers slow down post-holiday season, but so far demand for Fraser Valley homes hasn’t let up. Homebuyers are reluctant to wait when the market is moving this fast.” “There are a number of factors we can attribute this jump to, but most importantly, we’re seeing that the demand for owning a home continues to rise and inventory is struggling to keep up. Job creation and a strong BC economy are drawing more people to our region; and despite rising prices in some areas, many communities within the Fraser Valley remain affordable.” The Board received 2,510 new listings in January, a decrease of 8 per cent compared to January of last year. The total active inventory for January was 4,790, down 34 per cent from last year’s 7,307 active listings. Maisey explained, “Homeowners may be reluctant to sell because they love their home and where they live. However, for those looking to enter the market and perhaps are waiting for spring, we suggest you and your REALTOR® start planning now. There are a lot of people out there who will want your home.” Across Fraser Valley, the average number of days to sell a single family detached home in January 2016 was 33 days, compared to 55 days in January 2015. The MLS® HPI benchmark price of a Fraser Valley single family detached home in January was $689,300, an increase of 20.6 per cent compared to January 2015 when it was $571,700. In January, the benchmark price of townhouses was $326,500, an increase of 11.1 per cent compared to $293,800 in January 2015. The benchmark price of apartments also increased year-over-year by 8.5 per cent, going from $189,500 in January 2015 to $205,600 in January 2016.

If you would like to see the Full PDF report please click on the link below:

http://www.fvreb.bc.ca/statistics/Package%20201601.pdf

Thank you for reading our blog and if you would like to talk with us about anything you read here please feel free to give us a call at 604-882-8384 or send us a message through this site. we would be happy to speak with you.

Fort Langley Market Update September 2014

Fri, 17 Oct 2014 00:50:00 GMT

Introduction:

This week at Mitten Real Estate Team we are pleased to bring you a market update on Fort Langley. This article was created as part of our ongoing market research and we hope it will be informative to both our current and prospective clients. If you have any questions please feel free to ask!

Community Description:

Fort Langley is Langley's oldest community and is the Birth Place of British Columbia were the original decloration creating british columbia as a british colony was signed. For a short Time it was also the capital of the new territory. The Current Fort is about 4km up stream from the orriginal location.

Fort Langley National Historic Site

Present Day Fort Langley is a unique community that maintains its 'small town' feel and combines it with beautiful scenery and views of the Fraser river. Building codes have also encouraged the area to have a unique heritage look. In addition Fort Langley is host to several interesting festivals each year as well as weekly farmers markets for most of the year making it a truly unique place to live.

Fort Langley Hall

Acreages:

During September 2014 Ther were 2 sales of acreages which was up from 1 sale in september 2013. The prices increased 8.4% for acreages in Fort Langle which is strong increase however the average days on the market required to sell saw a notable increase. Thus is would seem that although prices have risen that they may level off somewhat near term based on this data.

Single Family Detached Homes:

In september there were 2 sales of single family detached homes in Fort Langley, which was down compared to 4 sales in September 2013. However prices increased 6.33% from one year ago, additionally the days on the market required to sell also saw a notable decrease. This data would suggest to us that although prices saw a solid increase over the last year if other factors stay the same prices mat continue to increase in ths segment as demand for this type of homes is strong and supply continues to be limited leading to price increases.

Townhomes:

Townhomes are still a fairly small market segment in Fort Langley, most of the townhomes are part of the 'New' 'Bedford Landing' area of the fort. Unfortunatly there were no sales of townhomes in september 2013 which meant we could not analyze current market compared to one year ago. However in the chart below is a summary of the market activity in the segment for Seotember 2014:

Apartments:

Apartments are still a fairly small market segment in Fort Langley, most of the Apartments are part of the 'New' 'Bedford Landing' area of the fort. Unfortunatly there were no sales of townhomes in September 2013 which meant we could not analyze current market compared to one year ago. However in the chart below is a summary of the market activity in the segment for Seotember 2014:

Active Listings:

There are currently 62 Homes of all types for sale in Fort Langley, with 26 being new listings that have been on thae market 30 days or less. detached Homes and acreages make up the majority of the listing. The chart below summarizes the homes for sale in Fort Langley by type:

Conclusion:

To Conclude both the songle family homes and the market for acreages has seen strong gains in the last year. In the single family segment the price increases have been accompanied by a decrease in the time required to sell which suggests that strong demand may lead to some increase in prices if all other factor stay the same. In the acreages the price increase seen in the last year have resulted in the time to sell incresing suggesting that prices may stay even near term if all other factors stay the same. Due to a lack of market history we can not fully analyze the apartment sales in Fort Langley however due to thier limited supply in the area and the fact that they are selling fairly quickly it would seem that this market segment is also healthly. Townhomes have not sold quite as quickly however those in desirable locations seem to have a strong demand. The attached residential market is an area we will continue to monior and try to bring you an update in a future article.

As alway if you have any questions about this article or any other real estate realted question we would be happy to assist you. We can be contacted through this website or you can call us directly at 604-882-8384 we would love to hear from you.

Sincerely,

Doug, Bonnie and David Mitten

(Mitten Real Estate Team)

Willoughby Real Estate Market Update August 2014

Fri, 19 Sep 2014 00:40:00 GMT

Introduction:

For this week's Blog article we (Mitten Real Estate Team) are pleased to bring you an update on the real estate market in Willoughby for the time period of August 2014 which we will be comparing to the same period last year. This report is being written as a service to our current and potential clients. We complied this report as part of our ongoing market reasearch of the local real estate market.

Apartments

In August there were 6 sale sof apartments which was up from 4 sales that took place in August of 2013. The prices for apartments in Willoughby saw a small decrease by -2.72% from a benchmark price last year of $173,289 to $168,700 this August. The average and median days on the market did however see small decrease although the days required to sell remains quite high. The while the percentage of asking price recieved remianed virtually the same.

From this Data we can conclude that the market for apartments in willoughby was somewhat weak during August 2014 however the reduction in days is a good sign as is the increased number of sales which probbably correlates to the small reduction that was seen over the last year in apartment values, additionally there is a large supply new apartments for sale in both the yorkson creek development and the Atheny gate complex. Thus we would expect to see some additional softening in the prices of apartments in willoughby mainly due to the large supply of new apartments enetering the market in this area,

Townhomes

During this last August there were a 31 sales of townhomes in Willoughby compared to last year when there were 24 sales. Townhome prices in Willoughby saw a slight increase since last year of 1.55% also notable is the reduction of number of days on the market required to sell and the percentage of asking price recieved remained almost unchanged.

From this data we can conclude that the townhome market in willoughby, while still recovering is starting to see some limited signs of strength. This would point to potential (although limited) price increases in the future, however the market for this type of housing can easily be weakened if too many new townhomes come on the market at any one time.

Single Family Detached Homes

During August 2014 there were 33 sales of single family detached homes in the willoughby area as compared to only 25 sales in August 2013. Single family detached homes also saw a an increase in prices of a modest 2.21% during the last year and a slight reduction in the days required to sell although median days required to sell increased slightly. The percentage of asking price that homes sold for stayed almost unchanged.

From this Data we can conclude the The market for single family homes in willoughby is roughly balanced at this time although it is showing signs of increasing strength, however as with the other sectors in willoughby the strength of the market will somewhat depend on how many new construction homes enter the market in the coming months and years.

Acreages:

During August 2014 there were no sales of acreages in Willoughby, however there is still an acreage market segment in willoughby (although decreasing in size) as there were 22 sales in the last year. Unfortunatly, due to the lack of recent sales we could not analyze the general acreage market in willoughby. It is however fair to say that with a few exceptions the value of these acreages seems to lie in there future develppment potential as they are often bought by develpers and investors.

Active Listings:

As of September 19 2014 there were a total of 368 properties listed for sale in willoughby. 19 of these were acreages with 5 of them being new listings (less than 30 days on the market). The average days on the market was 137 with the median days being 60 days and acreages ranged in price from $1,080,000 to $4,800,000 The single family detache homes consisted of 141 listings with 58 being new listings, additionally 49 of the 141 single family homes for sale are new construction homes. The average days on the market was 55 with the median days on the market being 49. There were 153 listings of townhomes with 57 of the listings being new listings and 67 of the townhomes for sale were new construction, the average days on the market was 78 with the median days being 38.5. The large decrepance between average and median days indicates that some townhomes are sitting on the market for long periods probbably due to being overpriced while more reasonably priced homes are sending less time on the market befor selling. There were 55 apartments for sale with 24 of the apartments being new listings and 39 of the 55 apartments were new construction. It is important to note that while the price range of apartments was between 154,900 to 505,0000 only new apartments were asking more than $259,900. Additionally all of the new construction apartments for sale were in either The Atheny Gate Complex or the Yorkson Creek Complex and many of the new apartments have been re-listed severa times without selling meaning that the days on the market is artifically low for apartments in willoughby due to develpers re-listing them over and over, which makes them apear to be new listings on MLS, when they in fact have been for sale for long periods of time.

Conclusion

As we have seen n other areas the strength of the real estate market in willoughby depends on which segment you are looking at. Single Family detached homes are showing modest strength with the market being fairly balanced between supply and demand at the moment. Townhomes have seen some strengthening since last year however the supply new construction townhomes entering the market continues to keep price increases low. The Market for Apartments in Willoughby would appear to be somewhat oversupplied at the moment with a large number of new construction apartments enetring the market, this has resulted in some price decreases, alhtough only samll decreases. Thus as we have seen in other areas the best preforming sector appears to be the single family detached homes.

As Always if you have any questions about this article or any other real estate realted questions please feel free to contact us we wpiuld be happy to assist you. We can be reched either through this website or by phone at 604-882-8384.

Sincerely,

Doug, Bonnie and David Mitten

(Mitten Real Estate Team)

Aldergrove Real Estate Market Update August 2014

Thu, 04 Sep 2014 15:21:00 GMT

Introduction:

At Mitten Real Estate Team we are pleased to bring you our latest blog article: an update on the Aldergrove real estate market perfomance in August 2014 v.s August 2013. This article was complied as part of our ongoing market research as a service to our clients and potential clients.

Community Information.

Aldergrove is located in the south east side of Langley (see the map below).

Aldergrove is one of the older communities in Langley. In the 1870’s Gold Miners and farmers began to settle in the area, it was named Aldergrove because of all the Alder trees in the area. In 1914 the Aldergrove post office opened, in the 1920’s the first store opened and in the 1930’s the community was connected to electricity.Aldergrove saw a fair bit of growth in the 1950-1970’s and continues to see growth to the present. Today Aldergrove has a population of 12,778 people.

Aldergrove 1958 cira

Aldergrove has a number of shops and amenities along and near Fraser Highway that runs through it. Some of the recreation facilities include various Althletic parks and an ice arena.

Aldergrove Ice Arena

In Addition to the parks and the ice arena Aldergrove also has the Greater Vancouver Zoo nearby.

The Greater Vancouver Zoo.

Aldergrove has a number of housing options, single family detached homes make up the largest portion but there are also a number of apartments and townhomes in the area and even a few acreages.

Single family Detached Homes.

During August 2014 there were 11 sales of single family detached homes in Aldergrove compared to 7 sales in August 2013. Single family detached homes in Aldergrove saw a 3.5% increase in prices while the average days on the market required to sell dropped 18.9% to 36.27 days.

From this Data it would seem to suggest that the market for Single Detached Homes in Aldergrove is Strengthening with a modest increase in prices, increased sales activity and a reduction in the average time required to sell.

Townhomes

During August 2014 there were 3 sales of townhomes in Aldergrove, this was up from 2 sales that took place in August 2013. Townhomes saw a 2.18% decrease in price however the average time required to sell dropped from 97.5 days to only 48 days.

This data suggests that while prices of Aldergrove townhomes dropped slightly during the last year the market is moving toward equilibrium with a reduction of the days required to sell and an increase in sales activity.

Apartments

During August 2014 there were no sales of Apartments in Aldergrove, additionally there were no sales of Aldergrove apartments in August 2013 either. In total there have been only 10 sales of Apartments in Aldergrove in the last 13+ months. Although we have not enough data to say much about the market it would seem this segment of the Aldergrove market is in tough shape, with the likely cause of the very low sales volume being a sort of ‘stand-off’ between buyers and sellers over price.

Active Listings:

As of August 28, 2014 there were a total of 77 Active listings for sale in Aldergrove, with 26 being new listings. There was one acreage listed. There were 43 single family detached homes listed with 18 being new listings. The average asking price of single family detached homes was $484,150 and the price range was from $249,900 to 1,049,000 with the listings having spent an average of 49 days on the market. There were 23 Townhomes for sale in Aldergrove with 5 being new listings. The average asking price was $244,880, they ranged in price from $157,000 to $349,000 and have spent an average of 81 days on the market. There were 10 apartments for sale in Aldergrove with 3 being new listings. The average asking price was $164,700 and the price range was $145,000 to $189,900 with the average time spent on the market being 93 days.

Conclusion

As we have seen in other areas, the market is in Aldergrove varies quite a bit based on the market segment. The Market for Single family detached homes is strengthening with modest price gains, increased sales and a reduction in the time required to sell compared to a year ago. The market for Aldergrove townhomes has seen a small deduction in prices, however there has also been an increase in sales volume and a reduction in the time required to sell suggesting that this market segment is moving towards equilibrium if all other factors stay the same. The market for apartments in Aldergrove could not be analyzed due to a lack of sales. However, this suggests that buyers and sellers are not coming to terms on prices meaning the market may need to see some price reductions before sales volumes start to increase.

Neighborhood Market Focus: Walnut Grove July 10 – August 10, 2014

Tue, 12 Aug 2014 20:13:00 GMT

We are pleased to bring you our latest article in our ongoing ‘Neighborhood Market Focus’ series. This article takes an in depth look at Langley’s Walnut Grove neighborhood. This report was done as part of our ongoing market research and as a service to our clients and potential clients

Community Description:

Walnut Grove is a nice community located at the northern side of Langley township, directly South of the Fraser River and north of highway 1, with Port Kells, Surrey to the west and Fort Langley to the East. . Walnut Grove was developed into an urban area mainly through the 1980’-1990’s, although some developments are more recent.

Walnut Grove is a well planned walkable community with numerous walking and biking trails and a good road network. Walnut Gove has many community amenities including several parks and schools with the most notable being Walnut Grove secondary school and the Walnut Grove community center. The recreation center is an excellent facility which has an indoor pool, gym, gymnasium, library, outdoor tennis courts and numerous sports fields and a running track. Walnut Grove has a number of amenities in its commercial areas, such as grocery stores, the colossus movie theatre, Sportsplex ice and roller arena and numerous restaurants, there is also a growing commercial/ industrial area in the north west corner.

The Walnut Grove Community Center

The Walnut Grove Community Center Pool

The Colossus Movie Theatre

Sports Plex Ice and Roller Arena

Walnut Grove has a diverse array of housing options from seniors retirement residences, to apartments, townhomes, adult oriented town homes in gated communities, single family homes and even some acreages. Overall walnut grove is a safe friendly well planned community in Langley Township.

Apartments

During the July 10 – August 10, 2014 time Period there was 4 sales of apartments in Walnut Grove which was a notable drop compared to the 6 sales during the same period last year. The Home Price Index (HPI) for apartments in Walnut Grove also saw a drop of 2.89% compared to the same period one year ago, however the average days that it took for apartments to sell dropped by 50.42% to 59.5 days. This would seem to suggest that although prices have dropped somewhat from last year sales are happening more quickly meaning that buyers are likely becoming more receptive to apartment asking prices compared to last year resulting in quicker sales.

Townhomes

During this time period there were 12 sales of Walnut grove townhouses, 6 of which were adult oriented. This is down notably from last year when there was 22 sales of townhouses (9 of which were adult oriented) in the same time period. The Home Price Index for townhouses in Walnut Grove saw a modest increase of 1.01% compared to the same time last year, and the average days on the market required to sell decreased to 31.7 days. Overall this would seem to suggest that the market for townhomes in Walnut Grove is strengthening slightly, however most of the strengthening can be attributed the Adult oriented sector of the townhouse market.

Single Family Detached Homes

During this Time Period there were 14 sales of single family detached homes in Walnut grove which was down from 20 that occurred during the same period last year. The Home Price Index for single family homes showed a respectable gain of 5.43% compared to the same period last year while the time to sell was significantly decreased to only 11.3 days. This data would suggest that this segment of the market is ‘heating up’ as the demand for this type of housing in Walnut Grove is high resulting in quicker sales and rising home prices.

Acreages

Although there are a few acreages that are sold in Walnut Grove, this segment of the market is very small and sales are relatively few and far between, making analysis difficult, however at current there are 4 acreages for sale in Walnut Grove.

Active Listings

There are currently a total of 145 active listing in Walnut Grove, with 61 properties being listed within the last 30 days.

Conclusion

In conclusion as we have seen in other areas the market in walnut grove varies significantly based on the market segment. The apartment market has seen a modest drop in prices but a decrease in how long it takes for apartments to sell suggesting that prices may start to stabilize or at least see a slower decline in the future if other factors stay the same. The Townhome market is starting to show a very modest bit of strengthening however looking through the data it would seem that this can be mainly attributed to a strengthening in the Adult oriented Townhome market, which is not surprising given the lack of any new construction of adult oriented townhomes and with aging demographics it seems reasonable to assume this is a trend that should continue if other factors stay the same. Single family detached homes in Walnut Grove are continuing to show strengthening as the demand rises for this type of housing, prices have risen by 5.43% in the last year and the time required to sell has dropped to a quick 11.3 days on the market. This would seem to suggest that if other factors stay the same the single family detached homes market segment in Walnut Grove may continue to see a strengthening in the near future.

As always if you have any questions about this article, any other real estate related questions or you are thinking of buying or selling please contact us we would be happy to assist you. We can be reached either through this website or by calling 604-882-8384.

Sincerely,

Mitten Real Estate Team

July 2014 Fraser Valley Real Estate Market Statistics: Market strength carries into summer for Fraser Valley real estate

Fri, 08 Aug 2014 18:25:00 GMT

Here is a link to the latest fraser valley real estate board market statistics for July 2014.

http://www.fvreb.bc.ca/statistics/Package%20201407.pdf

Next week we will be featuring a market update on another local community so please check back soon.

As always if you have any questions about this article or any other real estate related questions please feel free to contact us we would be happy to assist you. we can be reached through this webiste or by phone at 604-882-8384.

Sincerely,

Doug, Bonnie and David Mitten

(Mitten Real Estate Team)

Neighborhood Market Focus: Cloverdale June 23 – July 23, 2014

Mon, 28 Jul 2014 20:18:00 GMT

At Mitten Real Estate Team we are pleased to bring you our third article in the neighborhood market focus series. In this article we will analyze the real estate market in Cloverdale during the June 23 – July, 2014 time period and compare it to the market one year ago. As a quick note only the ‘Traditional’ area of Cloverdale is being analyzed in this article, the newer Clayton area was not included but we will look at that area in one of our subsequent articles.

Apartments

From June 23- July 23, 2014 there were 6 sales of apartments in the Cloverdale area, which was the same is the previous year, additionally there was a notable increase in the time it took for apartments to sell with the average days on the market increasing to 62.5 days compared to 23.5 days in the previous year. The Median days on the Market also increased from 21.5 days to 33 days. This shows that it is taking longer for most apartments to sell. Additionally, there was a notable 28% reduction in the average sale price of apartments in Cloverdale.

Based on these results it would seem that the market for apartments in Cloverdale is notably weaker than on year ago, with a significant reduction in average sale price and an increase in the time it took for apartments to sell in the area.

Townhomes

During the June 23 – July 23, 2014 time period there were 7 sales of townhomes in Cloverdale, compared to 15 one year ago. The average sale price saw an increase of 6.51% while days on the market increased slightly.

These results are somewhat mixed the lower number of sales, usually points to weakening, however the higher sale prices points to a strengthening of the market. If we look at the economic theory of supply and demand, we seem to get a satisfactory explanation in that although prices rose slightly less people bought at the higher prices meaning the market for townhouses in Cloverdale is fairly steady or slightly strengthening with some price increases at the expense of lower sales and longer sale times.

Single Family Detached Homes

During this time period there were 33 sales of single family detached homes in Cloverdale compared to 43 the previous year. The Average sale price decreased by 1.49% compared to a year ago with the average time on the market increasing by 9.5 days.

For these results we can conclude that the market for single family detached homes has weakened slightly since one year ago, however looking at the data, the weakening is fairly mild.

Active Listings

In Cloverdale, during this time period there were a total of 341 properties for sale in Cloverdale, and 98 Properties were New Listings. The largest segment of listings was single family detached homes with 211 listings, 66 of which were new listings. The second largest was Town homes with 79 Properties for sale and 16 new listings. There were 51 apartments for sale in Cloverdale with 16 of those being new listings. These numbers represent a decent amount of ‘inventory’ in the Cloverdale market.

Conclusion

In Conclusion it would seem that the Market for apartments in Cloverdale has weakened somewhat since last year with prices seeing a 28% drop on average, in addition to apartments taking longer to sell. The market for Townhomes has seen some price increases but some loss of market activity. Finally the Market for Single Family detached homes has slightly weakened since last year, but the weakening is fairly mild.

As Always if you have any questions about this article or any other real estate related question please contact us we would be happy to talk with you. We can be reached through this website or at 604-882-8384.

Sincerely,

Mitten Real Estate Team

Neighborhood Market Focus: Murrayville June 22 - July 22

Thu, 24 Jul 2014 23:48:00 GMT

At Mitten Real Estate Team we are pleased to bring you our second article in our series titled ‘Neighborhood Market Focus’ which is based on our ongoing market research and experience. This article is focused on Langley’s Murrayville area from June 22 – July 22, 2014.

Community Summary

Murrayville is a very nice, safe and walkable community. Murrayville was mainly developed throught the 1990's however some development took place afterwards and a few areas of murrayville are continuing to develop today. Murrayville has a number of ammenities including both the main RCMP station as well as Langley's hospital...

In addition to these ammenities Murrayville also features a number of other ammenities such as the WC Blair Wave pool and recreation center and several unique restaurants as well as coffe shops, a bank etc.. All in all Murrayville is one of the nicer communites in Langley and features a variety of housing options from single family homes to apartments, townhomes and even seniors retirement homes.

Single Family Detached Homes:

From June 22- July 22, 2014, there were 6 sales of single family detached homes in Murrayville. This is down from 12 sales the year before. However the home price index saw an increase of 8.18% compared to the same time last year and it took less time for single family detached homes to sell.

Therefore even though there were fewer sales during the last month than there were last year at the same time, the Home price index was notably higher and the time on the market was notably reduced, meaning the single family detached homes segment in Murrayville has showed strength compared to last year.

Townhouses:

From June 22 – July 22, 2014, there were 6 townhome sales in Murrayville, which was a notable increase compared to only 2 which occurred during the same time last year. The Home price index during the last month was up 12.61% compared to one year ago. Additionally, the time it took for townhouses to sell dropped from an average of 96 days a year ago to only 30 during this time period

Based on the data above, it would seem that the Townhome segment of the market in Murrayville did well compared to a year ago with an increase in the home price index as day on the market required to sell being reduced when compared to the same time one year ago.

Apartments:

During the June 22- July 22, 2014 time period there were no sales of apartments in Murrayville. However because we still wanted to get an understanding of what is happening in this market segment we decided to move our analysis back 3 weeks to June 1- July 1 2014.

During this time period there were 4 sales compared to 5 sales one year ago. The home price index of appartments was virtually unchanged at -0.60% compared to one year ago and the time it took apartments to sell decreased by more than 50%.

From June 1 – July 1, 2014, it would seem that the market for apartments in Murrayville unchaged from one year ago with a virtually unchanged home price index and days on the market decreaseing noticably. Although there were no sales during the last 3 weeks the reduction of days on the market required to sell is a somewhat incouraging sign for the murrayville apartment.

Acreages:

There were no sales in acreages in Murrayville during the June 22- July 22, 2014 time period, and in fact there were only a few all of last year, making it difficult to comment on this small segment. The reason is likely that there are very few acreages for sale in Murrayville (Listed on MLS). In fact there is only 1 property currently for sale in this segment.

Active Listings:

During the June 22- July 22, 2014 time period there were 53 properties for sale in Murrayville and 17 new listings compared to 12 Sales. Detached homes made up the largest segment of listings with 9 new listings and 29 total homes listed for sale, with 2 homes being New Construction in the Radius subdivision and 27 were used homes. There were 5 new listings of townhouses during this time and a total of 10 townhouses listed for sale with 5 of the 10 being new construction in the Winchester Estates Complex, compared to 6 sales of townhomes. There were 3 new listings of apartments with 13 total listing during this time compared to no sales. There were no new listings of acreages with one acreage total listed for sale in Murrayville.

Conclusion:

In Conclusion the market in Murrayville seems to be showing significant differences by segment. Detached Single family residential homes seem to be showing strength compared to last year. The market for townhomes in Murrayville appears to be notably stronger when compared to last year. The market for apartments appears to be almost unchanged compared to the same time a year ago. Finally, acreages could not really be judged due to the segment being too small for accurate analysis.

Please check to see our next article in this series to see our analysis of the real estate market In another local area.

As always if you have any questions about this article of any other real estate related questions please feel free to contact us we would be happy to talk to you. We can be reached through this website or by phone at 604-882-8384.

Sincerely,

Doug, Bonnie and David Mitten ( The Mitten Real Estate Team.)

Neighbourhood Market Focus: Brookswood June 20- July 19, 2014

Mon, 21 Jul 2014 16:10:00 GMT

If you are like many home owners and potential real estate buyers/ investors you pay attention to the activity in the real estate market. However you may have noticed that while there a number of very good sources that can tell you about region or province wide market activity, there are very few sources of information that can tell you statistically what the market activity is in your local community. That’s why at Mitten Real Estate team are pleased to provide you the first article in a series called ‘Neighborhood Market Focus’ that will show you what is happening in your local neighborhood based on our ongoing market research and experience.

Today’s ‘Neighborhood Market Focus’ is on Langley’s Brookswood area market activity from June 20- July 19, 2014.

Since one year ago the ‘Brookswood’ area average sale price of single family detached homes have seen a 9.06% increase. With the average price single family detached homes increasing from $607,647 (June 20 – July 19, 2013) to $658,140 during this period. During the last month Brookswood sellers received an average of 98.30% of their asking price which was virtually unchanged from the 98.84% they received in 2013. The average days it took for single family detached homes in Brookswood to sell during this period is 42.6 days which was up from 22.76 days one year ago. The reason for that increase was not that the market is slowing but rather that a few properties, that had been for sale for a long period of time finally sold during this last month. Statically this can be seen because the median ‘days on the market’ was on 22.5 days compared to 20 days a year ago meaning that the average attractively priced single family detached home will sell more quickly than the average 42.6 days on the market. There were 10 sales of single family detached homes in Brookswood from June 20 – July 19, 2014 which was down from 17 sales one year ago.

There were no sales of Brookswood acreages from June 20- July 19 2014, compared to 2 sales in the same period one year ago.

From June 20 - July 19 there were a total of 18 new listings in Brookswood, 15 were single family detached homes, the remaining 3 new listings were acreages. In total there were 50 single family detached homes and 19 acreages listed for sale in Brookswood from June 20 – July 19, 2014.

During this period Brookswood saw a total sales to listing ratio of 14%. The Ratio for sales to listings for single family detached homes was 20%, which is a little lower than the 35% recorded Langley – wide during June 2014.

In conclusion, the Brookswood market has been strong and it is encouraging to see the average sale price up 9%. Having said that, ‘average sale prices’ does not necessarily reflect an increase in price of 9% because it can be skewed by reflecting more expensive sales or things such as a higher percentage of homes selling that have been renovated and accordingly an average sale price may reflect a higher price. In this instance. Based on our perception of the market, it would seem that the higher average sale price is probably reflection both of a stronger market and the fact that because Brookswood typically has larger lots it has become a more and more attractive area for people to buy and renovate homes and accordingly we are seeing a transition trend toward a higher percentage of homes that have been significantly updated. The Longer selling times was mainly due to a few properties that were on the market for an extended period of time finally selling during this period, meaning that most attractively priced single family detached homes will sell more quickly than the average days show in the chart below. Additionally, we believe the reason for the reduction in sales of acreages during this period compared to last year may have been due to the new official plan for south Brookswood development being temporarily on hold pending revisions to the plan.

Please check back to see our next article in on market activity in local neighborhoods. And as always if you have any questions about this article or any other real estate questions please fee free to contact us. We can be reached either through this website or you can speak with us at 604-882-83844, we would be happy to talk with you.

Sincerely,

Mitten Real Estate Team.

New CMHC Rules For Properties Over $1 Million Dollars

Fri, 18 Jul 2014 21:58:00 GMT

On July 31, 2014 New CMHC (Canadian Mortgage and Housing Corporation) rules for properties worth one million dollars or more will take effect. The new rules will also effect loans used to finance the construction of multi-unit apartments.

The new rules mean that properties with a value or one million dollars or greater will no longer be insured by CMHC regardless of how large the downpayment is. Additionally, CMHC will no longer provide insurance for loans used to finance the construction of multi-unit appartments.

While on the surface this sounds like it is a blow to the Canadian housing market, the reality is in the Fraser Valley and Chilliwack the effect will likley be very marginal.

The reason for this is that mortgage insurance is not required for anyone putting a downpayment of at least 20% on the purchase of a property and very few people buying properties in excess of One Million dollars due so with less than 20% down. So this change will effect very few buyers and we would not expect it to have any noticable effect on the Housing market in the Fraser Valley or Chilliwack.

Addtionally, CMHC says no one has actually used the CMHC insurance on loans to finance construction of multi-unit buildings since 2011, so this change should not have any noticable effect on the market either.

Therefore we would expect that the new CMHC rules that come into effect on July 31, 2014 will have very little impact on the market, in the Fraser Valley.

As Always if you have any questions about this article, the real estate market or any other real estate questions please feel free to contact us we would be happy to talk with you. we can be contacted through this website or you can call us at 604-882-8384.

Sincerely,

Mitten Real Esate Team.

Home Sales Surge Higher in June.

Thu, 17 Jul 2014 22:57:00 GMT

The British Columbia Real Estate Association Recently released the following article about B.C's housing market, which provides a good comparison between market activity in June 2013 and June 2014:

Vancouver, BC – July 16, 2014. The British Columbia Real Estate Association (BCREA) reports that a total of 8,989 residential sales were recorded by the Multiple Listing Service® (MLS®) in June, up 24.9 per cent from June 2013. Total sales dollar volume was $5 billion, an increase of 30.5 per cent compared to a year ago. The average MLS® residential price in the province rose to $556,977, up 4.5 per cent from the same month last year.
“Home sales finished the second quarter on an upward trend,” said Cameron Muir, BCREA Chief Economist. “The increase in provincial housing demand was broad-based, with the largest year-over-year increases occurring in the Okanagan, the Kootenays and Chilliwack.”
Home sales climbed 46 per cent in the South Okanagan and nearly 30 per cent in the Okanagan Mainline Real Estate Board area. In addition, home sales rose 36 per cent in the Kootenays and 33 per cent in Chilliwack compared to the same month last year.
“Market conditions also continued to improve, with the Okanagan and the Lower Mainland even flirting with sellers’ market conditions,” added Muir.
During the half of the year, BC’s residential sales dollar volume was up nearly 26.8 per cent to $23.8 billion, compared to the same period last year. Residential unit sales were up 18.5 per cent to 41,883 units, while the average MLS® residential price was up 7 per cent at $568,499.

As always if you have any questions about this article or any other real estate realted questions please feel free to contact us we would be happy to assist you. we can be reach either through this website or directly at 604-882-8384.

Buyer demand increases while prices edge up

Sat, 12 Jul 2014 23:09:00 GMT

The real estate board of greater vancouver recently released this report about the housing market in greater vancouver:

The Greater Vancouver housing market enters the summer season with home buyer activity on the rise.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,406 on the Multiple Listing Service® (MLS®) in June 2014. This represents a 28.9 per cent increase compared to the 2,642 sales recorded in June 2013, and a 3.7 per cent increase compared to the 3,286 sales in May 2014.

Last month’s sales were 0.6 per cent above the 10-year sales average for June of 3,386.

“Competition amongst home buyers today is as strong as it’s been in the region since 2011,” Ray Harris, REBGV president said. The sales-to-active-listings ratio currently sits at 21.3 per cent in Greater Vancouver, which is the highest this measure has been since June 2011.

“Over the last three years, we’ve seen changes in demand yet home prices at the regional level have maintained relative stability,” Harris said. “While these numbers provide high level trends, it’s important to know that changes in prices always vary depending on neighbourhood and property type. Consult your local REALTOR® for information on trends in your area of choice.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $628,200. This represents a 4.4 per cent increase compared to June 2013.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,339 in June. This represents a 9.5 per cent increase compared to the 4,874 new listings in June 2013 and a 10.1 per cent decline from the 5,936 new listings in May. Last month’s new listing count was 2.6 per cent below the region’s 10-year new listing average for the month.

The total number of properties currently listed for sale on the MLS® system in Greater Vancouver is 16,011, a 7.4 per cent decline compared to June 2013 and a 0.4 per cent decrease compared to May 2014.

Sales of detached properties in June 2014 reached 1,462, an increase of 32.7 per cent from the 1,102 detached sales recorded in June 2013, and a 58.7 per cent increase from the 921 units sold in June 2012. The benchmark price for detached properties increased 6.2 per cent from June 2013 to $976,700.

Sales of apartment properties reached 1,308 in June 2014, an increase of 22.5 per cent compared to the 1,068 sales in June 2013, and a 27.5 per cent increase compared to the 1,026 sales in June 2012. The benchmark price of an apartment property increased 2.4 per cent from June 2013 to $378,000.

Attached property sales in June 2014 totalled 636, a 34.7 per cent increase compared to the 472 sales in June 2013, and a 53.3 per cent increase over the 415 attached properties sold in June 2012. The benchmark price of an attached unit increased 3.1 per cent between June 2013 and 2014 to $471,200.

-Source Greater Vancouver Real Estate Board

-Mitten Real Estate Team

Chilliwack Reports Strongest June since 2007

Sat, 12 Jul 2014 23:07:00 GMT

The Chilliwack and District real estate board recently relased this short article about the Chilliwack real estate market:

Last month proved to be the hottest real estate sales month Chilliwack has had in seven years. 286 houses of all varieties sold in Chilliwack and area in June, edging out the previous month’s impressive tally and far outpacing May 2013, which saw 215 sales.

“The second quarter is proving to be very strong,” said Jake Siemens, President of the Chilliwack and District Real Estate Board (CADREB). “On a year-to-year comparison, unit sales are up by just over 20%, and all indications are for the market to continue trending upward”.

Of the 286 sales last month, the highest number (43) were in the $300,000 - $349,999 range, followed by 31 sales in the $350,000 - $399,999 range and equaled by those in the $400,000 - $499,999 span. There were 23 sales over the $.5 million mark, and three over $1 million.

The average price of a home within Chilliwack and District Real Estate boundaries is $320,503, with Chilliwack proper at $303,302 and in Sardis, $348,779. The average number of days on market continues to fall due to supply and demand – single family homes are on the market an average of 44 days, and townhomes 49 days.

“While historically, home sales tend to take a dip in the summer due to family vacations and summer activities, we expect to see a strong local market continue, as the economic indicators look good,” said Mr. Siemens.

“With the increased competition, there are some excellent deals out there. It bears repeating – real estate is one of the soundest investments a person will make in his/her lifetime, and the timing has seldom been better!”

-Sourse : Chilliwack and District Real Estate Board (CADREB).

-Mitten Real Estate Team

Strongest June in four years for Fraser Valley Real Estate Market

Fri, 11 Jul 2014 23:02:00 GMT

The Frraser Valley Real Estate Board Recently released this artilce about the Housing market in the Fraser Valley which has seen its strongest June in four years:

The Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) processed 1,668 sales in June,

an increase of 26 per cent compared to the 1,327 sales in June of last year and 2 per cent higher than sales in May.
In terms of historical comparison, last month’s sales finished 7 per cent below the 10‐year average for June with
the previous best June occurring in 2010.
Ray Werger, President of the Board, says, “Recent news reports indicate that consumer optimism about real estate
is at its highest level in a number of years and we’re experiencing that at the ground level.
“Over the last three months, we’ve seen a surge in demand specifically for single family homes and townhomes in
most of our communities. Our number one buyer is families with children and they’re taking advantage of ultra‐
low interest rates combined with more affordable, stable prices in the Fraser Valley.”
In June, the benchmark price, as determined by the MLS® Home Price Index (MLS® HPI), of a ‘typical’ residential
home – detached, townhouse and apartment combined – was 1.3 per cent higher than June of last year. For the
single family detached home, the HPI benchmark price in June was $568,600, an increase of 3 per cent compared
to June 2013 when it was $552,200. This is a record high benchmark price for detached homes since the MLS® HPI
began in January 2005.
The HPI benchmark price of Fraser Valley townhouses decreased by 0.3 per cent; going from $298,700 in June
2013 to $297,800 in June 2014. The benchmark price of apartments was $197,000 last month, a decrease of 2.7
per cent compared to $202,500 in June of last year.
Werger adds, “We’re essentially seeing two markets right now, so it’s important to get advice dependent on what
you’re listing or buying. Competitively priced, mid‐range single family homes are being snapped up quickly, on
average in a little over a month, whereas condos and higher‐end, executive homes in our region are taking as long
as three months on average to sell. Talk to your REALTOR® to find out where you fit.”
The Board’s MLS® received 13 per cent more new listings in June, 2,974 compared to the 2,625 new listings
received during June of last year. The month finished with 9,853 active listings, a decrease of 6 per cent compare
to the 10,515 active listings available during June of last year.

Here are the charts That show the activity in specific areas:

Source: Fraser Valley Real Estate Board.

As always if you have any questions about this article, the real estate market in generall or any other real estate realted questions please feel free to contact us we would be happy to talk with you.

-Mitten Real Estate Team.