Fraser Valley Real Estate Statistics Dec 08

Fraser Valley Real Estate Board Monthly Statistics Package December 2008

Fraser Valley Real Estate Board

NEWS RELEASE For Immediate Release: January 5, 2009

2008 YEAR OF CHANGE AND OPPORTUNITY FOR FRASER VALLEY REAL ESTATE MARKET (Surrey, BC) – December’s sales statistics from the Fraser Valley Real Estate Board’s Multiple Listing Service (MLS®) reflect the real estate story of 2008: change. Sales of all property types for the year declined 30 per cent in the Fraser Valley; however, sales for the month were down almost 50 per cent compared to December 2007 – punctuating how the move to a buyers’ real estate market, similar to changes overall in the economy, took place in the second half of 2008. Residential benchmark prices, the value of a ‘typical’ Fraser Valley detached home as determined by the MLSLink® Housing Price Index (HPI)*, decreased 6.5 per cent this year, with December showing the seventh consecutive monthly decline. The benchmark price was $496,391 in December 2007 compared to $464,189 last month. That price has decreased 9.7 per cent since May 2008 when it was $513,798. The HPI benchmark price of Fraser Valley townhouses decreased by 8 per cent in one year, going from $322,295 in December 2007 to $296,296 in December 2008, while the benchmark price of apartments decreased from $247,822 to $237,786, a - 4 per cent change in one year. “Prices could not have continued to increase at the pace they were over the past six years,” says Kelvin Neufeld, President of the Fraser Valley Real Estate Board. “The change in the real estate cycle has created tremendous opportunities for consumers right now and they’re starting to recognize that fact. “Fraser Valley REALTORS® were already seeing home sales in early December surpass those of November, signaling that buyers recognize the current advantages of price reductions combined with historically low interest rates and inventory at record levels.” Fraser Valley’s total sales volume in 2008 was 13,194 compared to 18,862 in 2007. Over the course of the year, Fraser Valley REALTORS® listed 35,651 properties, an 8 per cent increase compared to 2007’s 32,953 listings. The number of active listings at year’s end finished at 9,960, 50 per cent higher compared to 6,646 active listings in December 2007. Year-to-date average prices of single-family detached homes in the Fraser Valley increased 3.4 per cent going from $520,317 in December 2007 to $537,960 in December 2008. In one year, the average price of a townhouse increased 3.6 per cent going from $322,578 in 2007 to $334,259 in 2008. The average apartment price increased 5.8 per cent, reaching $229,488 in 2008 compared to $216,990 in 2007. * The MLSLink® Housing Price Index (HPI), established in 1995, is modeled on the Consumer Price Index (CPI) which measures the rate of price change for a basket of goods and services including food, clothing, shelter, and transportation. Instead of measuring goods and services, the HPI measures the change in the price of housing features. Thus, the HPI measures typical, pure price change (inflation or deflation). The HPI benchmarks represent the price of a typical property within each market. The HPI takes into consideration what averages and medians do not – items such as lot size, age, number of rooms, etc. These features become the composite of the ‘typical house’ in a given area. Each month’s sales determine the current prices paid for bedrooms, bathrooms, fireplaces, etc. and apply those new values to the ‘typical’ house model. Contact:

Laurie Dawson, Communications Coordinator, Fraser Valley Real Estate Board Tel: 604.930.7600 Fax: 604.930.7623 email: [email protected]

Fraser Valley Real Estate Board

1

MLS® SUMMARY December 2008

RESIDENTIAL DETACHED Average Price

N. Delta

Surrey

W. Rock

Langley Abbotsford

Mission

All Areas

469,537 503,629 -6.8% 506,229 -7.2%

501,596 501,778 0.0% 523,191 -4.1%

754,516 742,250 1.7% 820,441 -8.0%

524,935 546,671 -4.0% 527,878 -0.6%

409,638 416,664 -1.7% 441,983 -7.3%

359,076 392,970 -8.6% 386,715 -7.1%

493,098 511,698 -3.6% 538,273 -8.4%

461,000 455,000 1.3% 488,000 -5.5%

480,000 475,000 1.1% 500,000 -4.0%

630,000 642,000 -1.9% 735,000 -14.3%

525,000 518,000 1.4% 519,000 1.2%

385,000 405,000 -4.9% 410,000 -6.1%

360,000 370,000 -2.7% 385,000 -6.5%

462,500 480,000 -3.6% 495,000 -6.6%

201.0 -0.3% -8.1% 52.0%

197.5 1.5% -5.6% 52.2%

190.2 -0.7% -12.8% 43.6%

190.6 -2.6% -6.3% 46.2%

193.4 -1.0% -8.8% 49.1%

214 -3.9% -4.0% 64.1%

197.8 -0.7% -6.5% 51.3%

16 17 33

82 96 179

23 28 58

39 32 70

49 47 62

26 17 39

235 237 441

Dec-08 Nov-08 change Dec-07 change

Median Price Dec-08 Nov-08 change Dec-07 change

Housing Price Index Dec-08 ch. 1 mo. ch. 1 yr. ch. 5 yr.

Unit Sales Dec-08 Nov-08 Dec-07

UNITS LISTED/SOLD: All Sales, FVREB New Listings Sales Active Listings

Dec-08 1,108 508 9,960

Nov-08 1,866 507 11,800

change -40.6% 0.2% -15.6%

Dec-07 1,100 1,001 6,646

change 0.7% -49.3% 49.9%

YTD 08 35,651 13,194

YTD 07 32,953 18,862

change 8.2% -30.0%

Average Price: the dollar volume of all sales in a category, divided by the number of sales. Median Price: the sale price at the mid-point of all sales in that category. Housing Price Index: the index is an indicator of price trends for a “typical” house in the Fraser Valley as compared to a baseline index of 100 set in 2001. “Typical” has been defined by the residential property features that occur most frequently in MLS® sales for that area.

Fraser Valley Real Estate Board

2

MLS® SUMMARY December 2008

TOWNHOUSES Average Price Dec-08 Nov-08 change Dec-07 change

N. Delta

Surrey

W. Rock

Langley Abbotsford

Mission

All Areas

232,000 323,266 -28.2% 305,333 -24.0%

284,570 313,667 -9.3% 328,767 -13.4%

438,980 435,500 0.8% 543,554 -19.2%

299,057 294,500 1.5% 325,419 -8.1%

243,111 273,030 -11.0% 273,611 -11.1%

261,333 n/a n/a 321,666 -18.8%

300,823 319,883 -6.0% 338,627 -11.2%

232,000 300,000 -22.7% 224,000 3.6%

300,000 328,000 -8.5% 335,000 -10.4%

439,000 338,000 29.9% 525,000 -16.4%

293,000 301,000 -2.7% 310,000 -5.5%

173,500 267,000 -35.0% 252,000 -31.2%

198,000 n/a n/a 275,000 -28.0%

300,000 312,000 -3.8% 325,000 -7.7%

184.0 -4.3% -7.5% 56.3%

175.1 0.2% 1.1% 47.3%

186 -1.8% -8.6% 53.2%

195.6 -3.1% -10.6% 64.1%

1 3 3

40 57 95

10 15 16

14 16 33

Median Price Dec-08 Nov-08 change Dec-07 change

Housing Price Index Dec-08 ch. 1 mo. ch. 1 yr. ch. 5 yr.

188.3 -4.0% -8.1% 55.4%

Unit Sales Dec-08 Nov-08 Dec-07

9 21 27

3 0 3

77 112 177

Average Price: the dollar volume of all sales in a category, divided by the number of sales. Median Price: the sale price at the mid-point of all sales in that category. Housing Price Index: the index is an indicator of price trends for a “typical” house in the Fraser Valley as compared to a baseline index of 100 set in 2001. “Typical” has been defined by the residential property features that occur most frequently in MLS® sales for that area.

Fraser Valley Real Estate Board

3

MLS® SUMMARY December 2008

APARTMENTS Average Price Dec-08 Nov-08 change Dec-07 change

N. Delta

Surrey

W. Rock

Langley Abbotsford

Mission

All Areas

222,808 132,000 68.8% 163,500 26.6%

194,588 211,144 -7.8% 211,727 -8.1%

247,323 278,863 -11.3% 294,107 -15.9%

241,130 228,876 5.4% 250,131 -3.6%

195,610 185,165 5.6% 205,148 -4.6%

194,000 158,650 22.3% 211,600 -8.3%

212,884 213,801 -0.4% 228,761 -6.9%

222,808 132,000 40.8% 163,500 26.6%

175,000 195,000 -10.3% 212,000 -17.5%

230,000 217,500 5.7% 277,000 -17.0%

226,130 210,000 7.7% 242,000 -6.6%

168,000 178,300 -5.8% 190,000 -11.6%

180,000 127,500 41.2% 199,900 -10.0%

207,000 200,000 3.5% 221,000 -6.3%

267.7 2.0% -6.1% 115.4%

241.7 12.3% -1.2% 85.6%

224.3 -2.1% 0.1% 90.5%

279.2 0.5% -6.5% 101.5%

34 36 71

17 11 27

23 21 48

23 26 62

Median Price Dec-08 Nov-08 change Dec-07 change

Housing Price Index Dec-08 ch. 1 mo. ch. 1 yr. ch. 5 yr.

256.6 2.7% -4.0% 95.8%

Unit Sales Dec-08 Nov-08 Dec-07

1 1 1

2 2 3

100 97 212

Average Price: the dollar volume of all sales in a category, divided by the number of sales. Median Price: the sale price at the mid-point of all sales in that category. Housing Price Index: the index is an indicator of price trends for a “typical” house in the Fraser Valley as compared to a baseline index of 100 set in 2001. “Typical” has been defined by the residential property features that occur most frequently in MLS® sales for that area.

Fraser Valley Real Estate Board

1

5-YEAR ANALYSIS For 2008 with 2007, 2005 and 2003

RESIDENTIAL DETACHED N. Delta

Surrey

W. Rock

Langley

Abbotsford

Mission

All Areas

853,268 801,190 6.5% 593,738 43.7% 450,969 89.2%

536,909 517,005 3.8% 392,497 36.8% 300,957 78.4%

450,184 427,740 5.2% 330,163 36.4% 249,868 80.2%

392,890 382,965 2.6% 282,285 39.2% 208,787 88.2%

537,960 520,317 3.4% 391,570 37.4% 301,121 78.7%

678 1,072 -36.8% 1,114 -39.1% 1,129 -39.9%

1,099 1,546 -28.9% 1,507 -27.1% 1,315 -16.4%

1,108 1,607 -31.1% 1,735 -36.1% 1,754 -36.8%

508 694 -26.8% 849 -40.2% 704 -27.8%

6,298 9,202 -31.6% 10,793 -41.6% 10,231 -38.4%

change 8.2% -30.0%

2005 28,745 21,282

change 24.0% -38.0%

2003 26,409 18,351

change 35.0% -28.1%

change -2.1%

2005 2,482

change 22.0%

2003 1,973

change 53.4%

Average Price: Residential Detached 1 yr 3 yr 5 yr

2008 2007 change 2005 change 2003 change

499,812 482,615 3.6% 366,908 36.2% 285,191 75.3%

528,177 511,939 3.2% 389,682 35.5% 301,078 75.4%

Unit Sales: Residential Detached 1 yr 3 yr 5 yr

2008 2007 change 2005 change 2003 change

454 563 -19.4% 735 -38.2% 814 -44.2%

2,449 3,715 -34.1% 4,853 -49.5% 4,515 -45.8%

UNITS LISTED/SOLD: All Sales, FVREB New Listings Sales

2008 35,651 13,194

2007 32,953 18,862

Number of FVREB members Members

2008 3,027

2007 3,092

Fraser Valley Real Estate Board

5-YEAR ANALYSIS For 2008 with 2007, 2005 and 2003

2

RESIDENTIAL ATTACHED N. Delta

Surrey

W. Rock

Langley

Abbotsford

Mission

All Areas

322,334 283,963 13.5% 238,755 35.0% 210,939 52.8%

324,986 313,919 3.5% 237,728 36.7% 182,794 77.8%

461,678 458,589 0.7% 356,382 29.5% 273,894 68.6%

324,766 311,631 4.2% 240,171 35.2% 192,446 68.8%

287,604 276,410 4.0% 205,370 40.0% 170,448 68.7%

292,302 261,345 11.8% 204,640 42.8% 146,155 100.0%

334,259 322,578 3.6% 244,622 36.6% 190,487 75.5%

N. Delta

Surrey

W. Rock

Langley

Abbotsford

Mission

All Areas

231,358 176,884 30.8% 120,542 91.9% 100,022 131.3%

215,815 199,663 8.1% 176,812 22.1% 108,253 99.4%

305,420 302,561 0.9% 225,877 35.2% 180,280 69.4%

229,825 223,823 2.7% 162,151 41.7% 117,813 95.1%

197,707 186,031 6.3% 124,942 58.2% 92,561 113.6%

196,765 214,387 -8.2% 110,513 78.0% 94,907 107.3%

229,488 216,990 5.8% 172,179 33.3% 122,691 87.0%

N. Delta

Surrey

W. Rock

Langley

Abbotsford

Mission

All Areas

26 33 -21.2% 47 -44.7% 58 -55.2%

1,402 1,822 -23.1% 1,759 -20.3% 1,361 3.0%

290 401 -27.7% 373 -22.3% 315 -7.9%

581 862 -32.6% 777 -25.2% 633 -8.2%

358 558 -35.8% 555 -35.5% 523 -31.5%

34 44 -22.7% 101 -66.3% 84 -59.5%

2,692 3,721 -27.7% 3,612 -25.5% 2,974 -9.5%

N. Delta

Surrey

W. Rock

Langley

Abbotsford

Mission

All Areas

27 48 -43.8% 40 -32.5% 36 -25.0%

968 1,454 -33.4% 2,269 -57.3% 935 3.5%

439 561 -21.7% 631 -30.4% 580 -24.3%

502 668 -24.9% 556 -9.7% 447 12.3%

594 820 -27.6% 705 -15.7% 503 18.1%

37 71 -47.9% 56 -33.9% 63 -41.3%

2,569 3,624 -29.1% 4,257 -39.7% 2,564 0.2%

Average Price: Townhouses 1 yr 3 yr 5 yr

2008 2007 change 2005 change 2003 change

Average Price: Apartments 1 yr 3 yr 5 yr

2008 2007 change 2005 change 2003 change

Unit Sales: Townhouses 1 yr 3 yr 5 yr

2008 2007 change 2005 change 2003 change

Unit Sales: Apartments 1 yr 3 yr 5 yr

2008 2007 change 2005 change 2003 change

Fraser Valley Real Estate Board HOUSING PRICE INDEX December 2008

1

Percentage Change Price Index 1 mo 3 mo 6 mo 1 yr 3 yr 5 yr Dec-08 Dec-08 Nov-08 Sep-08 Jun-08 Dec-07 Dec-05 Dec-03

FRASER VALLEY BOARD

416,589

203.8

-0.4

-7.1

-9.3

-7.6

19.4

59.3

FRASER VALLEY BOARD DETACHED

464,189

197.8

-0.7

-6.9

-9.5

-6.5

18.2

51.3

NORTH DELTA NORTH DELTA ANNIEVILLE NORTH DELTA NORDEL NORTH DELTA SCOTTSDALE NORTH DELTA SUNSHINE HILLS & WOODS

456,087 441,986 470,520 364,429 563,809

201.0 218.8 202.5 181.5 198.6

-0.3 7.0 4.8 -13.8 3.3

-8.0 -2.5 -4.8 -16.7 -6.5

-7.9 -2.7 -2.9 -18.0 -6.3

-8.1 0.5 -5.5 -20.1 -5.0

18.5 26.0 22.2 1.8 26.7

52.0 61.0 57.7 36.9 55.6

NORTH SURREY NORTH SURREY BOLIVAR HEIGHTS NORTH SURREY CEDAR HILLS NORTH SURREY FRASER HEIGHTS NORTH SURREY GUILDFORD NORTH SURREY OTHER

471,538 368,958 394,798 669,575 458,540 431,557

205.1 187.0 207.4 199.1 209.6 224.3

1.2 3.6 2.7 6.4 6.2 -11.1

-2.8 -4.5 -5.5 -0.7 -3.9 -1.1

-4.2 -10.0 -5.9 -2.5 -5.7 1.3

0.5 -9.2 -3.3 2.0 1.1 9.9

26.6 15.2 24.3 31.8 28.3 30.9

58.5 49.3 51.0 58.0 49.0 80.9

SURREY SURREY BEAR CREEK GREEN TIMBERS SURREY EAST NEWTON SURREY FLEETWOOD TYNEHEAD SURREY PANORAMA RIDGE SULLIVAN SURREY QUEEN MARY PARK SURREY WEST NEWTON CLOVERDALE

475,219 480,253 459,109 510,843 560,065 425,623 425,425 486,832

197.5 194.6 198.6 190.1 203.7 199.6 189.5 191.3

1.5 3.3 -4.1 -0.1 3.5 12.0 -3.2 -4.3

-6.3 -4.0 -7.0 -8.8 -5.1 -0.6 -9.8 -7.0

-8.7 -9.3 -10.4 -9.4 -6.8 -1.3 -13.0 -10.5

-5.6 -7.7 -4.3 -6.0 -5.9 2.4 -9.8 -6.0

16.8 17.2 15.3 16.6 26.6 19.8 9.0 21.9

52.2 55.5 46.5 49.7 67.1 57.0 43.2 51.9

SOUTH SURREY & WHITE ROCK S SURREY CRESCENT BEACH OCEAN PARK SOUTH SURREY ELGIN CHANTRELL SOUTH SURREY KING GEORGE CORRIDOR SOUTH SURREY SOUTH-EAST SOUTH SURREY SUNNYSIDE PARK SOUTH SURREY WHITE ROCK

626,951 658,319 952,669 441,410 911,844 631,257 534,901

190.2 212.8 189.3 165.9 198.3 190.4 182.7

-0.7 3.3 -0.2 -7.4 1.9 1.7 -2.1

-13.3 -10.5 -16.6 -21.2 -6.1 -7.3 -14.4

-15.4 -5.9 -13.7 -18.2 -8.3 -10.1 -28.1

-12.8 -13.9 -11.3 -19.1 1.3 -4.8 -17.8

10.8 19.4 19.8 -5.4 29.9 16.5 1.5

43.6 56.0 46.6 35.3 66.1 52.7 20.3

LANGLEY LANGLEY ALDERGROVE L CITY MURRAYVILLE WILLGHBY BROOKSWD LANGLEY WALNUT GROVE

470,068 392,905 487,817 483,925

190.6 198.5 205.5 173.9

-2.9 1.7 -1.7 -7.3

-6.4 -7.0 -5.3 -8.2

-9.8 -6.7 -9.2 -12.6

-6.3 -5.1 -6.4 -6.8

19.0 21.5 20.6 15.1

46.2 45.0 54.7 39.6

ABBOTSFORD ABBOTSFORD CENTRAL POPLAR ABBOTSFORD EAST ABBOTSFORD WEST

384,944 344,227 414,222 379,809

193.4 194.0 189.4 196.7

-1.0 10.4 -6.4 -1.3

-8.0 -6.9 -11.2 -5.3

-12.1 -9.2 -13.8 -11.9

-8.8 -7.9 -8.9 -9.3

15.1 17.5 16.5 12.4

49.1 49.1 51.0 50.8

MISSION

360,632

214.0

-3.9

-2.3

-5.5

-4.0

23.4

64.1

Housing Price Index The Housing Price Index numbers estimate the percentage change in price on a “typical” and constant-quality property over time. All indices equal 100 in 2001. An index of 120 indicates a 20% increase in price since 2001.

Fraser Valley Real Estate Board

2

HOUSING PRICE INDEX December 2008

Percentage Change Price Index 1 mo 3 mo 6 mo 1 yr 3 yr 5 yr Dec-08 Dec-08 Nov-08 Sep-08 Jun-08 Dec-07 Dec-05 Dec-03

FRASER VALLEY BOARD TOWNHOUSE

296,296

188.3

-4.0

-9.1

-11.6

-8.1

16.5

55.4

NORTH SURREY GUILDFORD

244,828

209.8

-16.2

-16.6

-19.0

-14.9

11.6

52.5

SURREY SURREY FLEETWOOD SURREY OTHER

296,440 337,428 279,960

184.0 180.0 185.8

-4.3 -0.7 -5.8

-8.3 -5.3 -9.6

-10.6 -8.3 -11.6

-7.5 -2.6 -9.6

20.7 19.9 21.1

56.3 46.3 61.2

SOUTH SURREY & WHITE ROCK

414,430

175.1

0.2

-5.4

-6.3

1.1

11.9

47.3

LANGLEY

293,050

186.0

-1.8

-9.7

-11.5

-8.6

14.5

53.2

ABBOTSFORD

264,872

195.6

-3.1

-8.4

-12.9

-10.6

17.9

64.1

FRASER VALLEY BOARD APARTMENT

237,786

256.6

2.7

-6.2

-7.0

-4.0

33.1

95.8

NORTH SURREY NORTH SURREY WHALLEY NORTH SURREY GUILDFORD

229,074 218,930 238,318

267.7 276.3 259.7

2.0 -1.9 5.5

-3.7 -6.1 -1.5

-4.5 -9.4 -0.1

-6.1 -12.9 0.4

31.2 19.6 42.2

115.4 111.4 119.1

SOUTH SURREY WHITE ROCK

329,089

241.7

12.3

-7.7

-4.5

-1.2

40.9

85.6

LANGLEY

228,409

224.3

-2.1

-6.8

-7.0

0.1

27.7

90.5

ABBOTSFORD

203,274

279.2

0.5

-7.4

-11.2

-6.5

33.8

101.5

FRASER VALLEY BOARD HOUSE W ACREAGE 787,857

233.0

7.5

-5.9

-5.4

-22.0

17.4

74.6

SURREY, CLOVERDALE & N. SURREY

961,417

270.4

23.4

7.4

4.6

-30.9

48.0

100.7

1,037,964

262.6

28.7

11.1

11.0

-31.2

27.5

90.7

LANGLEY

912,959

262.5

6.0

-7.4

-1.9

-16.6

20.8

100.0

ABBOTSFORD

654,034

185.5

7.0

-16.8

-12.6

-30.0

-12.7

57.7

MISSION

477,456

192.6

-11.8

-14.0

-22.5

-11.4

8.0

32.0

SOUTH SURREY & WHITE ROCK

Housing Price Index The Housing Price Index numbers estimate the percentage change in price on a “typical” and constant-quality property over time. All indices equal 100 in 2001. An index of 120 indicates a 20% increase in price since 2001.

Sales, Listings & Active Inventory, All Types, Fraser Valley

Overestimated actives 2007/2008*

Actives

Listings

Sales

14,000

12,000

10,000

8,000

6,000

4,000

2,000

2008

2007

2006

2005

2004

2003

2002

2001

2000

0

* Active listings were over-reported from January 2007 to April 2008. The darker blue area shows the amount the active listings were over-reported. © Fraser Valley Real Estate Board

Sales-to-Active Listings Ratio, All Types, Fraser Valley

45 40 35 30 25

Sellers Market

20

Balanced Market

15

Buyers Market

10

Ratio in December: 5%

5

2008

2007

2006

2005

2004

2003

2002

2001

2000

0

* Active listings inventory was over-reported from January 2007 to April 2008. As a result, the ratio calculated slightly lower than in actuality. The darker blue area shows the correctly adjusted ratio for that period. © Fraser Valley Real Estate Board

Housing Price Index, Fraser Valley HPI - Detached

HPI -Townhouse

HPI - Apartment

300 275 250

Housing Price Index value

225 200 175 150 125 100 75 50 25

© Fraser Valley Real Estate Board

2008

2007

2006

2005

2004

2003

2002

2001

2000

0

Average Price, residential detached homes, all Fraser Valley $600,000

$500,000

$400,000

$300,000

$200,000

$100,000

© Fraser Valley Real Estate Board

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

1998

1997

1996

1995

1994

1993

1992

1991

1990

1989

1988

1987

1986

1985

1984

1983

1982

1981

1980

1979

$0

Annual Sales, New Listings, Average Price; All Property Types; Fraser Valley Sales

New Listings

Average Price

40,000

$500,000 $450,000

35,000

$400,000 30,000 $350,000 25,000

$300,000

20,000

$250,000 $200,000

15,000

$150,000 10,000 $100,000 5,000

$50,000

-

$1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

© Fraser Valley Real Estate Board