The Mitten Real Estate Team

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

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.)

Selling your home is a big financial decision.  So when it comes time to sell it is important to get the best value possible for your home.  Over the years working in real estate have have learned what many buyer look for in thier next home and so here are some tips for how to prepare your home for sale.  Interestingly, one thing that sometimes gets overlooked when selling a home is the presentation and staging.  These are important details because often times how clean and presentable a home is plays crucial role in determining a buyers impression of your home.

While putting a new fancy bathroom in your home or a new upscale kitchen will certainly impress buyers, surprisingly the details such as paint touch-ups can be very important as well.  And often small details like this give a much larger return on investment then do larger more expensive home renovations and improvements.

Tip # 1  Keep your Lawn and garden trimmed and tidy

The first such detail is; make sure the yard is neat and clean and the grass is mowed.  Nothing gives a worse impression to a buyer than pulling up to a home with an over grown lawn.  Alternatively, a neat well cared for front yard sends a good first impression as a buyer drives up to your home.

Tip # 2 Keep your exterior Trim look fresh with a new coat of paint

Secondly, make sure siding is clean on your home and the trim is nicely painted.  Although this can be accomplished in only a weekend with nothing more than a pressure washer and a can of paint the impact on buyers of a nice clean home with fresh paint on the trim can’t be underestimated.  Alternatively, your home might be beautiful inside but if the siding has green algae on it and the paint is peeling off the trim many buyers may discount your home before they even get through the front door.  Additionally, be sure that your front door and hardware are in good working order.

Tip # 3 Nothing makes a home look newer than a fresh coat of paint.

The third tip is, if your home has noticeable chips or marks on the interior paint it is well worth your time to do touch-ups, since spending an afternoon doing touch-ups can make the difference between whether a buyer thinks your home has nice paint or is in need of new paint and equally important chipped paint on ones walls can make a buyer feel that the home has been neglected and not well cared for.

Tip # 4: Uncluttered presentation is a critical component of maximizing the perception of spaciousness when presenting a home.

The fourth tip may be a bit obvious but if possible make sure your home is vacuumed, de-cluttered and cleaned before showings, even if you have a beautiful home if buyers walk into a your home and see dishes piled up in the kitchen and clothes on the ground etc… they will believe your home has not been well cared for and they will not value it as highly.  Clear countertops to maximize the impression of cabinet and countertop space, organized closets, keep bathroom toilet tops and countertops clear of clutter, uncluttered hallways and rooms all serve to maximize the presentation in a way that ensures the home is presented to its best advantage.

TIP # 5 Keep the kitchen clean and de-cluttered.

The fifth tip is that the kitchen is one of the areas of the home buyers consider to be most important. Consequently It is important to show your kitchen to its best advantage. Be sure countertops are virtually clear to maximize the impression of lots of countertop space in the mind of the Buyer. Toasters, blenders, coffee perks and can openers should be stored in a convenient out of site location – not on the countertop when you are selling your home. While recognizing this as somewhat of an inconvenience it will truly show this important room to its best advantage. to de-clutter your fridge door.  While many people enjoy putting pictures and calendars on their fridge doors, it is a turn-off for most buyers. When it’s time to sell it’s best to store the fridge door photo’s in a drawer.

Tip #6 Keep your baseboard and trim clean

The Sixth Tip is to dust your baseboards, if you have dirt and dust on the baseboards your home may be perceived as ‘dingy’ by buyers.  Bring-out the duster when it’s time to sell, it will be well worth your time.

Tip # 7 Arrange furniture in such a way that it promotes smooth traffic flow

The Seventh tip is that over time many people collect more and more furniture and personal belongings.  Unfortunately, too much furniture (or to large of furniture) makes your home look smaller and more cluttered in the eyes of many buyers. Thus, it is best to arrange your furniture in such a way that it promotes smooth traffic flow and be sure to keep paths, halls and walkways clear. It is not unusual to have a number of people viewing the home when it is being shown.

Tip # 8 Keep your home odor free

The eighth tip is, if you are a person that likes to burn scented candles leave them unlit for showings.  The reason for this is that buyers with asthma and other respiratory conditions may not be able to look at you home at all, as it may cause them difficulty breathing.  Additionally, many buyers may also think you are trying to cover an odor and will be suspicious of your home.

Tip # 9 Use neutral colors

The Ninth tip, is that if you are planning to repaint your home before selling, pick neutral colors that most people will like.  Although it can be tempting to put your favorite color on the walls, doing so can cause buyers to have a ‘love it’ or ‘hate it response’ and reduce the number of buyers that will consider your home, where neutral colors will be attractive to a far larger group of buyers.

Tip #10 Maximize your Home's lighting

The Tenth tip, is if you choose to put CFL or LED light bulbs in your home, try to choose lights that produce light that is a similar color to what older incandescent lights produce as this is what most buyers consider normal.  Having a super white or bluish light can give people an odd feeling about your home and can also make the colors in your home appear different, so best to avoid unusually colored bulbs if you are thinking of selling.  It is also often wise to use brighter bulbs in your lights when you are selling than what you may normally use – after all you want your home to be bright and cheerful not dark and dingy. Additionally, be sure that all light switches have covers on them and are in good working order so that buyers are confident your home has no electrical problems.

Tip # 11 Be sure your bathroom is clean

The eleventh tip is be sure bathrooms are sparkling clean. Once again clear countertops and organized drawers are the order of the day. Be sure that you fix any leaky faucets, loose cabinet hardware, drawer handles, chipped countertops or sinks and replace outdated or inefficient light fixtures. Be sure grout in shower and around the tub is sparkling clean and repair any cracked grout. Remove clothes hampers, be sure toilet seats are down and toilets are flushed and once again be sure that your bathroom is odor free for showings.

Tip #12 Clean and refurbish your carpets

The twelfth tip is to clean your carpets and re-stretch those areas which require it. Carpeting has a major impact on the look of a home. Be sure your home is vacuumed prior to showings. If there are areas that are badly worn, outdated or stained, consider having it replaced. Scrub and wax tile floors and repair or replace cracked tiles.

Tip #13 Keep your roof in good condition

The thirteenth tip is that, buyers pay close attention to the condition of your roof. Re-patch or re-shingle where necessary, and fix leaky, corroded or plugged downspouts and gutters. Inside, a watermarked ceiling is a sign to buyers that the roof has leaked—even if damage has been repaired.

Tip # 14 Clean and de-clutter your Garage and Driveway

Be sure your driveway and garage are clean and presented to maximize their size. Organize garagesand park extra vehicles away from the property.

Conclusion:

In conclusion, although taking care of the details in your home does not cost a lot it can certainly change the way buyers view your home and help your home sell for a higher price.

As always if you have any questions about selling your home please feel free to contact us, we can be reached through this website or we would be happy to speak with you, just call 604-882-8384.

Sincerely,

-Mitten Real Estate Team

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.

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.

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.

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

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.

-Mitten Real Estate Team

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).

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.

-Mitten Real Estate Team

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:

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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.