December 4, 2007

(Surrey, BC) – The Fraser Valley Real Estate Board reports more activity on the Multiple Listing Service® (MLS®) in November compared to 2006.

The total number of sales processed through the MLS® in November was 1,327, an increase of 11 per cent compared to the same month last year when 1,194 sales were processed.

“The market typically slows a little at this time of year, which is evident in the decrease in November’s sales and new listings compared to October of this year,” says Jim McCaughan, president of the Board.

McCaughan, a 30-year real estate veteran, explains why November 2007 outperformed the same month last year, “It’s thanks to a healthier supply. We’ve had strong demand in the Fraser Valley for essentially the last five years, however we haven’t always had as broad a selection of product. Our recent increase in inventory is what’s keeping sales solid.”

The Board added 2,154 new listings in November, an increase of 9 per cent compared to November 2006. The total active inventory for November 2007 was 8,593, an increase of 16 per cent compared to 7,391 active listings in November of last year.

The average price of a single-family detached home in the Fraser Valley in November was $511,176, an increase of 4.9 per cent from 2006 when the average price was $487,392.

Townhouses sold for an average of $325,409 in November, an increase of 6.2 per cent from 2006 when the average price was $306,509. The average apartment price went up 7.5 per cent in one year, from November 2006’s average of $200,032, to $215,118 for 2007.

On home prices McCaughan says, “We are starting to see month to month fluctuations in price in all property types in all Fraser Valley communities although, as your REALTOR® will tell you, the overall trend in prices remains higher year over year.”