The FVREB releases stats today. Here they are.
A notable note is that the price of the residential benchmark is down -0.3% from August 2007.
Flat prices for 3 years is starting to take the wind out of the sails of the relentless pumpers. The psychology is changing and the fall should be interesting.
Charts to come later.
Showing posts with label fraser valley. Show all posts
Showing posts with label fraser valley. Show all posts
Thursday, September 2, 2010
Wednesday, August 4, 2010
July Stats Packages
I am on vacation and not wanting to spend my precious free time updating charts so it'll just have to wait. In the meantime here are links to the REBGV and FVREB statistics packages for July 2010.
At first glance it appears that Months of Inventory is getting quite high and price drops are occurring.
Monday, July 5, 2010
Fraser Valley Real Estate - June 2010
The Fraser Valley Real Estate Board has released their monthly statistics package for June 2010. Active Listings fell and Sales grew during June compared to May. Months of Inventory fell and prices rose very slightly.
Wednesday, June 2, 2010
FVREB May 2010 Statistics
The Fraser Valley Real Estate Board has released the statistics package for May 2010 and here are the details.
Sales were 1477.
Active Listings were 11,411 at the end of May.
Months of Inventory rose significantly to 7.7 MOI which puts the FV solidly into price decline territory.
The MOI relationship with price changes is extremely robust as evidenced by May with a MOI of 7.7 and a price decline of -0.8 for the benchmark of all residential properties changing hands in the month.
I expect MOI will climb much higher this year and prices look set to decline dramatically.
Sales were 1477.
Active Listings were 11,411 at the end of May.
Months of Inventory rose significantly to 7.7 MOI which puts the FV solidly into price decline territory.
The MOI relationship with price changes is extremely robust as evidenced by May with a MOI of 7.7 and a price decline of -0.8 for the benchmark of all residential properties changing hands in the month.
I expect MOI will climb much higher this year and prices look set to decline dramatically.
Tuesday, May 4, 2010
Fraser Valley Real Estate - April 2010
Here are the charts:
Active listings are increasing at the same pace as 2008.
Sales are still brisk but May could mark a turning point as it did in 2008.
Months of inventory is at the high side of normal and looks to be matching 2008. It will take a drop in sales to get to the extremely elevated levels of market distress we saw in 2008.
Correlation between MOI and price changes is extremely robust and we should be looking for price decreases through the summer if normal seasonal patterns hold up.
Active listings are increasing at the same pace as 2008.
Sales are still brisk but May could mark a turning point as it did in 2008.
Months of inventory is at the high side of normal and looks to be matching 2008. It will take a drop in sales to get to the extremely elevated levels of market distress we saw in 2008.
Correlation between MOI and price changes is extremely robust and we should be looking for price decreases through the summer if normal seasonal patterns hold up.
Tuesday, September 8, 2009
Fraser Valley Real Estate - August 2009 with Charts
Here are the charts based on the data released by the Fraser Valley Real Estate Board for the month of August 2009.
Sales were at a very high level compared to other Augusts.
Active Listings are on the high side.
Months of Inventory is at 5 which represents a balanced market.
Sales were at a very high level compared to other Augusts.
Active Listings are on the high side.
Months of Inventory is at 5 which represents a balanced market.
The FVREB House Price Index is still 7% lower than peak level but it has risen 6% since the low.
Price changes are still highly correlated to the supply / demand mix as represented by Months of Inventory.
Friday, September 4, 2009
Fraser Valley Real Estate - August 2009
From the Fraser Valley Real Estate Board:
(Surrey, BC) - The Fraser Valley Real Estate Board credits ‘move-up’ buyers and greater affordability for the second best August in its real estate sales history, bolstered by a summer of historically low interest rates.
There were 1,786 sales processed in August, an increase of 96 per cent compared to the 910 sales during the same month last year. Add in sales from June and July generated by many first-time buyers and the result is 5,857 sales – outperforming the summer of 2007, at 5,800, but far from matching 2005, when summer sales peaked at 6,866.
“The last three months was a welcome return to a busier, more stable market, but also a discerning one,” describes Paul Penner, President of the Fraser Valley Real Estate Board. “Not every house was flying off the shelf like they did four years ago.”
“It’s a more complex market now, with variations in activity depending on the area and price and it requires knowledge, knowing what’s selling, for how much, and why.”
Penner says stability has returned to house prices, but with the average days on market in the Fraser Valley effectively remaining unchanged for six months, at just under 60 days for most property types, pricing remains highly competitive.
“Our August market poll reveals how much price matters. Over half of Fraser Valley buyers qualified for a conventional mortgage putting 25 per cent or more down, yet 39 per cent of REALTORS® who participated in our survey reported challenges in closing sales due to their clients’ inability to reach financing terms.”
The MLSLink® Housing Price Index (HPI) benchmark price of a detached home in August was $483,839, a decrease of 3.5 per cent compared to August 2008, when it was $501,317. In the last three months, the HPI benchmark price of a detached home has increased by 3.8 per cent. The HPI benchmark price of Fraser Valley townhouses decreased 4.7 per cent from $325,833 in August 2008 to $310,389 in August 2009, and in the last three months has increased by 4 per cent. The benchmark price of apartments also decreased year-over-year by 5.9 per cent, going from $250,888 in August of last year to $236,146 in August 2009, and has increased by 1.7 per cent in the last three months.
The number of active Fraser Valley listings in August decreased 5 per cent from July, dropping to 8,987 listings. This was a 24 per cent decrease from last year. The MLS® saw 2,470 new listings come on stream in August, 2 per cent fewer than in August 2008 and 23 per cent less than this past July.
(Surrey, BC) - The Fraser Valley Real Estate Board credits ‘move-up’ buyers and greater affordability for the second best August in its real estate sales history, bolstered by a summer of historically low interest rates.
There were 1,786 sales processed in August, an increase of 96 per cent compared to the 910 sales during the same month last year. Add in sales from June and July generated by many first-time buyers and the result is 5,857 sales – outperforming the summer of 2007, at 5,800, but far from matching 2005, when summer sales peaked at 6,866.
“The last three months was a welcome return to a busier, more stable market, but also a discerning one,” describes Paul Penner, President of the Fraser Valley Real Estate Board. “Not every house was flying off the shelf like they did four years ago.”
“It’s a more complex market now, with variations in activity depending on the area and price and it requires knowledge, knowing what’s selling, for how much, and why.”
Penner says stability has returned to house prices, but with the average days on market in the Fraser Valley effectively remaining unchanged for six months, at just under 60 days for most property types, pricing remains highly competitive.
“Our August market poll reveals how much price matters. Over half of Fraser Valley buyers qualified for a conventional mortgage putting 25 per cent or more down, yet 39 per cent of REALTORS® who participated in our survey reported challenges in closing sales due to their clients’ inability to reach financing terms.”
The MLSLink® Housing Price Index (HPI) benchmark price of a detached home in August was $483,839, a decrease of 3.5 per cent compared to August 2008, when it was $501,317. In the last three months, the HPI benchmark price of a detached home has increased by 3.8 per cent. The HPI benchmark price of Fraser Valley townhouses decreased 4.7 per cent from $325,833 in August 2008 to $310,389 in August 2009, and in the last three months has increased by 4 per cent. The benchmark price of apartments also decreased year-over-year by 5.9 per cent, going from $250,888 in August of last year to $236,146 in August 2009, and has increased by 1.7 per cent in the last three months.
The number of active Fraser Valley listings in August decreased 5 per cent from July, dropping to 8,987 listings. This was a 24 per cent decrease from last year. The MLS® saw 2,470 new listings come on stream in August, 2 per cent fewer than in August 2008 and 23 per cent less than this past July.
Thursday, August 6, 2009
FVREB July 2009 Statistics
The Fraser Valley Real Estate Board has released the monthly statistics package for July 2009. Here is the scoop.
Sales were really, really strong in July. In fact it was the fifth highest monthly sales ever recorded in the FVREB. According the the FVREB, '37% of buyers were first time buyers' which, as they mention, creates a powerful 'ripple effect' of move up buyers. Sales beget more sales.
Active listings still rose modestly through the month of July.
Months of inventory fell slightly to 4.55 which puts the market in 'sellers' territory.
Sales were really, really strong in July. In fact it was the fifth highest monthly sales ever recorded in the FVREB. According the the FVREB, '37% of buyers were first time buyers' which, as they mention, creates a powerful 'ripple effect' of move up buyers. Sales beget more sales.
Active listings still rose modestly through the month of July.
Months of inventory fell slightly to 4.55 which puts the market in 'sellers' territory.
Prices have certainly come up from the lows witnessed in the late winter / early spring but are still below peak levels.
Not surprisingly, higher sales combined with stable inventory has created a market in which prices are rising. Time will tell how long it will last.
My hunch is that we have seen the last boom month this year in terms of sales and it will be downhill from here as the mortgage preapprovals at the 'ultra-low' rates of the late winter / early spring are expiring now. Don't read this to mean that I think prices are going to fall precipitously from here on out but I do think there will be significant weakness in the later part of this year.
Wednesday, July 22, 2009
Upper Fraser Valley Real Estate - June 2009
From the Chilliwack and District Real Estate Board:
MLS® home sales activity rose to a 13-month high in May 2009 in the area served by the Chilliwack and District Real Estate Board. The supply of homes is also backing down from elevated levels.
According to statistics provided by the Board, MLS® home sales numbered 262 units in May 2009, the highest level since April 2008. This is up 10 per cent from May 2008, and marks the first year-over-year increase in sales activity in 15 months.
Sales activity jumped 39 per cent in May 2009 from the previous month, which is a stronger than normal seasonal increase. As a result, seasonally adjusted sales activity climbed 18 per cent month-over-month in May 2009 (seasonal adjustment removes normal seasonal variations). This adds to monthly increases in each of the previous four months. Seasonally adjusted sales activities now stand at 84 per cent above the recent low in December 2008.
The combined dollar value of MLS® home sales in May 2009 totalled $77.9 million. This is up 3.3 per cent from May 2008.
Total MLS® sales numbered 277 units in May, an increase of 3.7 per cent from year-ago levels. The total value of all MLS® properties sold in May 2009 edged up by eight-tenths of one per cent to $83.2 million.
The MLS® average residential price for homes sold in May 2009 was $297,376. This is down six per cent year-over-year from May 2008, when the average price reached its highest level on record for the month of May. It was also the smallest price decline since December 2008.
The number of new residential listings on the Board’s MLS® system numbered 403 units in May 2009, down 37 per cent from May 2008. This is the fifth consecutive month in which new listings were down from year ago levels. The year-over-year decline in the number of new listings has exceeded 20 per cent every month since the year began.
The number of active listings continues to retreat from the peak reached in July 2008. There were 1,452 active residential listings on the Board’s MLS® system at the end of May 2009, down 24 per cent year-over-year. This is the third consecutive decline in active listings in as many months, and the largest in more than five years. The supply of homes is expected to continue trending lower as sales activity draws down inventories and new listings continues to trend lower.
“Improving consumer confidence and lower interest rates are drawing buyers to the housing market, and that has caused the MLS® housing market to firm up considerably in recent months,” said Jim Adam, President of the Chilliwack & District Real Estate Board.
MLS® home sales activity rose to a 13-month high in May 2009 in the area served by the Chilliwack and District Real Estate Board. The supply of homes is also backing down from elevated levels.
According to statistics provided by the Board, MLS® home sales numbered 262 units in May 2009, the highest level since April 2008. This is up 10 per cent from May 2008, and marks the first year-over-year increase in sales activity in 15 months.
Sales activity jumped 39 per cent in May 2009 from the previous month, which is a stronger than normal seasonal increase. As a result, seasonally adjusted sales activity climbed 18 per cent month-over-month in May 2009 (seasonal adjustment removes normal seasonal variations). This adds to monthly increases in each of the previous four months. Seasonally adjusted sales activities now stand at 84 per cent above the recent low in December 2008.
The combined dollar value of MLS® home sales in May 2009 totalled $77.9 million. This is up 3.3 per cent from May 2008.
Total MLS® sales numbered 277 units in May, an increase of 3.7 per cent from year-ago levels. The total value of all MLS® properties sold in May 2009 edged up by eight-tenths of one per cent to $83.2 million.
The MLS® average residential price for homes sold in May 2009 was $297,376. This is down six per cent year-over-year from May 2008, when the average price reached its highest level on record for the month of May. It was also the smallest price decline since December 2008.
The number of new residential listings on the Board’s MLS® system numbered 403 units in May 2009, down 37 per cent from May 2008. This is the fifth consecutive month in which new listings were down from year ago levels. The year-over-year decline in the number of new listings has exceeded 20 per cent every month since the year began.
The number of active listings continues to retreat from the peak reached in July 2008. There were 1,452 active residential listings on the Board’s MLS® system at the end of May 2009, down 24 per cent year-over-year. This is the third consecutive decline in active listings in as many months, and the largest in more than five years. The supply of homes is expected to continue trending lower as sales activity draws down inventories and new listings continues to trend lower.
“Improving consumer confidence and lower interest rates are drawing buyers to the housing market, and that has caused the MLS® housing market to firm up considerably in recent months,” said Jim Adam, President of the Chilliwack & District Real Estate Board.
Wednesday, July 15, 2009
FVREB June Stats
It completely slipped my mind until today but I neglected to post the monthly recap of the Fraser Valley Real Estate Board statistics release.
Here it is:
Active listings ended the month of June 2009 at 9300. A level well below the lofty levels of last year.
Sales were nearly at peak levels with 1982 homes changing hands during the month. I would love to hear some anecdotes of sellers and buyers to hear what is motivating them to move in the market right now.
Prices have certainly stabilized for now and increased a little with the robust activity this spring.
Prices have certainly stabilized for now and increased a little with the robust activity this spring.
The correlation between Months of Inventory and price changes is extremely strong.
Wednesday, June 3, 2009
Fraser Valley Real Estate - May 2009
Charts to come later. Here is the press release from the FVREB:
(Surrey, BC) – The Fraser Valley real estate market continued to show signs of rebalancing in April with the number of sales increasing for the third month in a row while the volume of available properties stayed constant. Benchmark prices for detached homes and condominiums also showed increases over the last three months.
There were 1,293 sales processed on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) in April, refl ecting a 28 per cent decrease compared to the 1,787 sales in April of last year, however, a 29 per cent increase over March sales. At the same time, the Board received 44 per cent fewer new listings compared to one year ago, 2,477 in contrast to 4,458 in April 2008, helping to stabilize the number of active listings in the Fraser Valley at 9,855.
Paul Penner, President of the Board, says current conditions have created one of the best buying opportunities in years. “REALTORS ® have successfully communicated to their sellers to be more realistic with their prices, which is why we’ve seen a 29 per cent increase in sales from March to April.”
Penner also attributes the increase to all-time historically low interest rates and still relatively high inventory for Fraser Valley, although it is dropping rapidly.
“In April, REALTORS® received 44 per cent fewer new listings compared to a year ago and 18 per cent less than we received in March. When supply and demand start to balance out, the effect is that prices begin to fi rm up and that’s exactly what we’re seeing.”
Residential benchmark prices, the value of a ‘typical’ Fraser Valley detached home as determined by the MLSLink® Housing Price Index (HPI), decreased 10.4 per cent compared to April 2008. However, it has increased by 1.8 percent over the last three months. The
benchmark price was $460,229 in April 2009 compared to $513,403 last year.
The HPI benchmark price of Fraser Valley townhouses decreased 11.6 per cent from $333,982 in April 2008 to $295,078 in April 2009. That decrease, however, slowed to 0.1 per cent during the last three months. The benchmark price of apartments also decreased year-over-year by 11.4 per cent going from $260,037 in April of last year to $230,337 in April 2009. Similar to detached homes, the benchmark price for apartments has increased by 4.4 per cent over the last three months.
Tuesday, May 5, 2009
Fraser Valley Real Estate - April 2009
The Fraser Valley Real Estate Board released the monthly statistics package and here are the highlights.
Sales were 1,293 and are at quite low levels compared to recent years.
Active listings have not grown as much as last year for some reason. I expect this may change as job losses mount and sales slow down.
Months of inventory has fallen dramatically but remains at a high level of 7.6 and April or May are traditionally the lowest month for MOI. This bodes ill for those expecting price increases in the remainder of 2009.
Prices and MOI are very tightly linked and this relationship remains resilient.
Prices are down over 11% from peak and appear to be taking a brief breather from the downward slide.
Sales were 1,293 and are at quite low levels compared to recent years.
Active listings have not grown as much as last year for some reason. I expect this may change as job losses mount and sales slow down.
Months of inventory has fallen dramatically but remains at a high level of 7.6 and April or May are traditionally the lowest month for MOI. This bodes ill for those expecting price increases in the remainder of 2009.
Prices and MOI are very tightly linked and this relationship remains resilient.
Prices are down over 11% from peak and appear to be taking a brief breather from the downward slide.
The summer months will be critical in the local real estate market and I will watch the number of listings with great interest.
Monday, April 6, 2009
Fraser Valley Real Estate - March 2009
The Fraser Valley Real Estate Board released their March statistics package last week and here are some of the highlights:
There were 1006 residential real estate transactions in the Fraser Valley. Sales were up from February but down significantly from previous years.
Active Listings are quite high and will likely rise through the spring and summer.
Months of inventory is at an elevated level of 9.8 and will likely remain at or around this level for the next two months before rising for the remainder of the year.
The FVREB House Price Index, in an uptrend for the past 4 years, has now fallen significantly from peak levels last spring. Even with an uptick the last couple months we are at 2006 price levels. We will see if prices hold up or not this year.
Months of Inventory has a high correlation with price changes and at the current and expected future inventory levels through the remainder of the year we should see continued negative pressure on prices.
There were 1006 residential real estate transactions in the Fraser Valley. Sales were up from February but down significantly from previous years.
Active Listings are quite high and will likely rise through the spring and summer.
Months of inventory is at an elevated level of 9.8 and will likely remain at or around this level for the next two months before rising for the remainder of the year.
The FVREB House Price Index, in an uptrend for the past 4 years, has now fallen significantly from peak levels last spring. Even with an uptick the last couple months we are at 2006 price levels. We will see if prices hold up or not this year.
Months of Inventory has a high correlation with price changes and at the current and expected future inventory levels through the remainder of the year we should see continued negative pressure on prices.
Thursday, March 5, 2009
Fraser Valley Real Estate - February 2009 Stats
The Fraser Valley Real Estate Board posted the February 2009 Statistics package and here it is on the down low.
Sales stink like the fresh manure smell that permeates the Valley many days! Sales are at levels not seen since the 1980s.
Sales stink like the fresh manure smell that permeates the Valley many days! Sales are at levels not seen since the 1980s.
Active Listings are quite high for this time of year and seem to be rising in the normal seasonal pattern.
Since sales rose a bit from January the number of months that it would take at the current sales rate to sell all the homes for sale in the Fraser Valley dropped to 'only' 14 months. This means that if you are trying to sell a home right now, it might take a while unless you drop the price - a revolutionary idea to be sure - this whole supply / demand equilibria thing.
Since sales rose a bit from January the number of months that it would take at the current sales rate to sell all the homes for sale in the Fraser Valley dropped to 'only' 14 months. This means that if you are trying to sell a home right now, it might take a while unless you drop the price - a revolutionary idea to be sure - this whole supply / demand equilibria thing.
The benchmark price has fallen 13% in 9 months now with more price drops to come it seems.
The correlation between the supply / demand situation and price changes is strong. If prices are to increase substantially anytime soon it will take a massive rise in sales, large reduction in active listings or both for this to change.
The correlation between the supply / demand situation and price changes is strong. If prices are to increase substantially anytime soon it will take a massive rise in sales, large reduction in active listings or both for this to change.
By performing some simple seasonal analysis it seems that months of inventory will probably bottom this year at the 7-9 MOI level in either April or May. This does not indicate upward price pressure and by later in the year we could be looking at some very significant price declines. The Fraser Valley is on track to lose another 15% or so in 2009. There are potential events that could influence the market in either direction as well.
Wednesday, February 4, 2009
Fraser Valley Real Estate Market - January 2009
From the Fraser Valley Real Estate Board:
"A total of 389 sales were processed through Fraser Valley’s MLS® in January, a decrease of 59 per cent compared to 956 sales in January 2008 and comparable to January sales figures last seen in the early 1980s, according to statistics from Fraser Valley Real Estate Board’s Multiple Listing Service." Wow!
Prices in the Fraser Valley have been dropping now since May 2008 and prices are now back at July 2006 levels.
The correlation between months of inventory and price changes is exceedingly strong through the bust so far.
"A total of 389 sales were processed through Fraser Valley’s MLS® in January, a decrease of 59 per cent compared to 956 sales in January 2008 and comparable to January sales figures last seen in the early 1980s, according to statistics from Fraser Valley Real Estate Board’s Multiple Listing Service." Wow!
Active listings are really high for January.
Months of inventory is sky high to begin the year.
Prices in the Fraser Valley have been dropping now since May 2008 and prices are now back at July 2006 levels.
The correlation between months of inventory and price changes is exceedingly strong through the bust so far.
Stay tuned, more price declines to come.
Saturday, January 31, 2009
Chilliwack Realtors in the Poorhouse
What follows my comments here is a puff piece from the Chilliwack and Districk Real Estate Board president Trude Kafka. I gather she is in deep denial about the current real estate market or is trying to put on a brave face. Either way, it isn't helping.
The upper Fraser Valley real estate market is being crushed under the burden of 24 months of inventory with exceptionally low sales volumes coupled with sky high inventory. There are over 280 realtors in the board's area and there were only 67 property sales in the month of December which by my elementary math means that there were over 200 realtors going hungry during the month of December. Perhaps we should start a collection so they are able to make their Lexus payments.
Total MLS® sales activity increased in December 2008, while residential sales activity declined in the area served by the Chilliwack and District Real Estate Board, according to statistics released by the Board. The Board's MLS® system recorded $23,492,025 worth of sales this December. That's a nine per cent increase from the total posted this past November, and a 49 per cent drop from the total in December 2007.
A total of 67 properties traded hands through the Board's MLS® system in December 2008, which is 12 per cent lower than the total from November and 55 per cent less than in December 2007.
"It’s no surprise that sales slow down during the final quarter of the year," said Board President Trude Kafka. "This trend is not unique to our region. However, we did see an increase in total MLS® sales – despite a monthly decline in total MLS® property listings. Property values continue to increase in our region. Hopefully these trends will continue well into 2009."
The total value of home sales recorded through the Chilliwack and District Real Estate Board's MLS® system this December was $18,999,700 – which is nine per cent lower than the total from November 2008, and 52 per cent below the amount posted in December 2007.
In all, 63 homes were sold through the Board's MLS® system this December. That's 15 per cent lower than in November, and 49 per cent less than last December.
The average price of homes sold through the Board's MLS® system this December was $301,583, which is seven per cent above the average from November 2008 and five per cent lower than the average from December 2007. The Board cautions that the average residential price is a useful figure only for establishing trends and comparisons over a period of time. It does not indicate an actual price for a home due to the wide selection of housing available in the area.
The Chilliwack and District Real Estate Board handled a total of 2,224 MLS® sales in 2008, a sharp decline of 37.2 per cent compared to the total number of MLS® properties sold in 2007. All of the 12 real estate Boards and Association in British Columbia processed a total of 74,484 properties through their local MLS® systems, representing a 33.4 per cent decline from the total properties sold in 2007. The MLS® properties sold through the Chilliwack and District Real Estate Board had a total value of $699.4 million, representing a 35.4 per cent decrease compared to 2007. Provincially, the value of all MLS® properties sold in 2008 had a total value of $33 billion, a 30.9 per cent decline from 2007 levels.
2,036 of the MLS® properties sold locally in 2008 were residential, down 37.7 per cent from the number of residential MLS® properties sold in 2007. Provincially, the number of residential MLS® properties sold declined 33 per cent compared to 2007. Residential properties sold locally in 2008 had a total value of $643.8 million, sinking 34.2 per cent compared to 2007. On the provincial level, total residential MLS® sales in British Columbia in 2008 had a value of $33.1 billion, a 30.6 decrease from record-setting 2007 levels.
There were 5,482 new listings processed through the MLS® system of the Chilliwack and District Real Estate Board in 2008, an 11.4 per cent increase compared to the number of new listings processed in 2007. Provincially, the number of new residential listings in 2008 increased 12.1 per cent compared to 2007 to 176,762 properties.
A total of 181 new residential listings were added to the Board's MLS® system this December, an 18 cent increase from December 2007. As the month came to an end, there were 1,524 active residential listings on the Board's MLS® system.
The Chilliwack and District Real Estate Board is an association of 283 REALTORS® that provides services to and sets standards for members. The Chilliwack and District Real Estate Board serves Chilliwack, Agassiz, Hope, Boston Bar and Harrison.
The upper Fraser Valley real estate market is being crushed under the burden of 24 months of inventory with exceptionally low sales volumes coupled with sky high inventory. There are over 280 realtors in the board's area and there were only 67 property sales in the month of December which by my elementary math means that there were over 200 realtors going hungry during the month of December. Perhaps we should start a collection so they are able to make their Lexus payments.
Total MLS® sales activity increased in December 2008, while residential sales activity declined in the area served by the Chilliwack and District Real Estate Board, according to statistics released by the Board. The Board's MLS® system recorded $23,492,025 worth of sales this December. That's a nine per cent increase from the total posted this past November, and a 49 per cent drop from the total in December 2007.
A total of 67 properties traded hands through the Board's MLS® system in December 2008, which is 12 per cent lower than the total from November and 55 per cent less than in December 2007.
"It’s no surprise that sales slow down during the final quarter of the year," said Board President Trude Kafka. "This trend is not unique to our region. However, we did see an increase in total MLS® sales – despite a monthly decline in total MLS® property listings. Property values continue to increase in our region. Hopefully these trends will continue well into 2009."
The total value of home sales recorded through the Chilliwack and District Real Estate Board's MLS® system this December was $18,999,700 – which is nine per cent lower than the total from November 2008, and 52 per cent below the amount posted in December 2007.
In all, 63 homes were sold through the Board's MLS® system this December. That's 15 per cent lower than in November, and 49 per cent less than last December.
The average price of homes sold through the Board's MLS® system this December was $301,583, which is seven per cent above the average from November 2008 and five per cent lower than the average from December 2007. The Board cautions that the average residential price is a useful figure only for establishing trends and comparisons over a period of time. It does not indicate an actual price for a home due to the wide selection of housing available in the area.
The Chilliwack and District Real Estate Board handled a total of 2,224 MLS® sales in 2008, a sharp decline of 37.2 per cent compared to the total number of MLS® properties sold in 2007. All of the 12 real estate Boards and Association in British Columbia processed a total of 74,484 properties through their local MLS® systems, representing a 33.4 per cent decline from the total properties sold in 2007. The MLS® properties sold through the Chilliwack and District Real Estate Board had a total value of $699.4 million, representing a 35.4 per cent decrease compared to 2007. Provincially, the value of all MLS® properties sold in 2008 had a total value of $33 billion, a 30.9 per cent decline from 2007 levels.
2,036 of the MLS® properties sold locally in 2008 were residential, down 37.7 per cent from the number of residential MLS® properties sold in 2007. Provincially, the number of residential MLS® properties sold declined 33 per cent compared to 2007. Residential properties sold locally in 2008 had a total value of $643.8 million, sinking 34.2 per cent compared to 2007. On the provincial level, total residential MLS® sales in British Columbia in 2008 had a value of $33.1 billion, a 30.6 decrease from record-setting 2007 levels.
There were 5,482 new listings processed through the MLS® system of the Chilliwack and District Real Estate Board in 2008, an 11.4 per cent increase compared to the number of new listings processed in 2007. Provincially, the number of new residential listings in 2008 increased 12.1 per cent compared to 2007 to 176,762 properties.
A total of 181 new residential listings were added to the Board's MLS® system this December, an 18 cent increase from December 2007. As the month came to an end, there were 1,524 active residential listings on the Board's MLS® system.
The Chilliwack and District Real Estate Board is an association of 283 REALTORS® that provides services to and sets standards for members. The Chilliwack and District Real Estate Board serves Chilliwack, Agassiz, Hope, Boston Bar and Harrison.
Tuesday, January 6, 2009
Fraser Valley Real Estate Now at 7 Months of Price Declines
Active Listings in the Fraser Valley real estate market fell by a normal seasonal amount from November to December as many hopeful real estate sellers pull their homes off the market during the dreary winter months hoping for better luck in the spring. Good luck with that. Active listings are at the highest year end level for which I have records which does not bode well for those trying to get top dollar for their listed properties in 2009. Click on a chart to enlarge it for a better view.
Sales were extremely low at well under half the monthly volume of the heyday years of not so long ago. 508 sales is very little. It amuses me how the Real Estate Board highlighted the fact that December sales were higher than November sales. Yes, I can do math too Kelvin - - 508 is bigger than 507. How this is relevant I do not know.
Months of inventory remains highly elevated and is an important indicator of a distressed real estate market at these levels. Look for further price declines throughout 2009.
The sell list ratio is extremely low which indicates that very few real estate wanna-be-sellers are turning into real estate sellers. Consequently, price pressure is highly negative as those who must sell are forced to lower prices to draw in potential buyers.
Median Prices are continuing to retreat.
The correlation of the supply/demand metric and price changes is continuing to be remarkably resilient as we have moved to the other end of the see saw. It is as if somebody flipped a switch in May 2008 and buyers stopped showing up.
Benchmark home prices, which are the best indicator of the actual change in property values have declined nearly 10% now and values are at the September 2006 level.
Sales were extremely low at well under half the monthly volume of the heyday years of not so long ago. 508 sales is very little. It amuses me how the Real Estate Board highlighted the fact that December sales were higher than November sales. Yes, I can do math too Kelvin - - 508 is bigger than 507. How this is relevant I do not know.
Months of inventory remains highly elevated and is an important indicator of a distressed real estate market at these levels. Look for further price declines throughout 2009.
The sell list ratio is extremely low which indicates that very few real estate wanna-be-sellers are turning into real estate sellers. Consequently, price pressure is highly negative as those who must sell are forced to lower prices to draw in potential buyers.
Median Prices are continuing to retreat.
The correlation of the supply/demand metric and price changes is continuing to be remarkably resilient as we have moved to the other end of the see saw. It is as if somebody flipped a switch in May 2008 and buyers stopped showing up.
Benchmark home prices, which are the best indicator of the actual change in property values have declined nearly 10% now and values are at the September 2006 level.
The story for 2009 will be more of the same. Bargain hunters will likely start seeing more and more value as desperate sellers try to move their properties. I fully expect that 2009 will be a flipper bloodbath as many of these wanna-be real estate moguls get smacked with month after month of carrying costs and are forced into the new reality of declining real estate values. If you need to sell a home in 2009 make sure you price it lower than everybody else unless you want to chase the market down.
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