Hi there clients, colleagues, friends and family!
Just a quick note off the top about our upcoming Community Garage Sale.
The 2013 event is planned for Saturday May 11th from 9am – 2pm. For those of you who live in the Sullivan / Panorama Community and would like to register or for those of you who want to come to the area to shop the sales visit our Facebook event page to learn more (don’t forget to LIKE us when there) :
Since last September, home sales have idled at levels last seen in the early 2000s but there have been some positive signs the Fraser Valley Real Estate Market is starting to move. Business has picked up in the last month with increased traffic at open houses, sellers quicker to accept offers and homes selling on average two weeks faster than they did in January. It seems the stand-off between buyers and sellers over the last six months is coming to an end. Sales increased by 48 per cent in one month going from 617 sales in January to 913 in February however year-over-year, they reflect a decrease of 28 per cent compared to February of 2012.
Right now areas are varied. The market for detached homes is balanced in North Delta and Langley. The condo market is brisk in Abbotsford and Central Surrey and townhome sales are steady in North and Central Surrey as well as Cloverdale. The one commonality amongst these areas and property types is greater affordability. What’s not doing well generally anywhere in the Fraser Valley is sales of higher-end homes - unless they are priced competitively.
Close to home (Sullivan/Panorama area) we are still seeing a surge in new townhome development. This continues to cap or push down the pricing for resale townhomes. Inventory levels on detached homes are low so sales are swift but homes that were priced high to begin with continue to sit idle or receive low offers from buyers who seem to be happy to wait for sellers pricing get competitive.
In February, it took on average 49 days to sell a detached home compared to 64 days in January. Townhomes took 60 days on average to sell compared to 72 days the month before and apartments spent an average of 66 days on the market in February compared to 83 days in January.
Just for your interest. Here is a link to a 60 Minutes spot on the China Real Estate Bubble. A fascinating and frightening look at China’s “Real Estate Experiment”
Call us anytime for any Real Estate reason – we would love the opportunity to go to work for you, your friends, family or neighbours!