We reported a few weeks back that the Fraser Valley Real Estate Board had increased sales month-on-month and year-on-year according to its Multiple Listing Service (MLS®) stats. Fraser Valley real estate sales showed an increase of 9% in May (1,608 property sales) up from 1,477 sold during May of 2010 and up 6% on April's 1,516 sales.

One part of the Fraser valley that is really booming is the Langley Township area. It was reported in the Langley Advance newspaper and website that housing construction almost doubled Fraser Valley real estate since 2010. There are more homes, suites, and apartments going up fast in the Langley Township area, this can be seen especially with the growth of Willoughby Heights real estate and other neighbourhoods. According to the article, the number of building permits for homes in Langley Township has almost doubled in the first five months of 2011 compared 2010.

According to MLS® stats issued by the Board of Fraser Valley Real Estate, sales of townhouses in Langley in May were up 25% on May 2010 numbers. The Langley real estate market had however almost 25% less new townhouse listings in May, compared to the previous May. Also in regards to listings, it was the same for detached properties and apartments/condos. New listings for detached properties were down 27% and new listings for apartments or condos were down 25%. There were also slight decreases for both detached properties and apartments or condos in May across all Fraser Valley real estate, compared to the previous May--down 2.8% and 11.9% respectively.

The outlook for the Fraser Valley is According to the Canada Mortgage and Housing Corporation (CMHC), housing demand will remain steady as favourable mortgage rates and lower home prices in comparison to other major centres in the Vancouver CMA attract home buyers to the Fraser Valley.

You can read the full stats package for May on the Fraser Valley Real Estate Board website. They issue a monthly press release with a summary and statistics document outlining sales and listings for each month.

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Property sales in the Fraser Valley were up 9% year-on-year and up 6% on April's figures according to the latest stats released by the Fraser Valley Real Estate Board. The Board processed 1,608 property sales on its Multiple Listing Service (MLS®) in May, compared to 1,516 sales the previous month, and 1,477 in May 2010.

Apart from sales being up month-on-month, active listings were also up with a 2.9% increase on April with 9,978 active property listings in May compared to 9,697. New listings also showed an increase, with 3,070 new listings in May, up 5.2% on April.

Despite monthly numbers increasing for both active and new listings, the year-on-year figures for both were both down--there were 12.6% fewer active listings than there were active during May 2010, and the Board received 11.2% less new listings than received in May 2010.

The theme of the Fraser Valley Real Estate Board's press release was "variation". "Fraser Valley Housing Market Shows Local Variation" was the actual full title of the release, and with the increases and decreases mentioned throughout the piece, this was a pretty good headline.

Another part of the Fraser Valley real estate variation is home prices. The benchmark prices for detached homes increased year-on-year, yet decreased on April numbers. Benchmark prices are the estimated sale price of a benchmark property, and represent a typical property within each market. The benchmark price for Fraser Valley detached homes was $529,810 in May 2011, up 2.8% on May 2010 numbers. May’s average price for detached homes, also increased on May 2010 numbers--up 11.6% to $630,870. The Board said this was "influenced by the sale of higher-end homes or homes with larger lots".

While detached home prices showed increases, attached home prices, such as for townhouses decreased both on a monthly and yearly level. The benchmark price of Fraser Valley townhomes decreased by 1.1% from $328,295 in May 2010 to $324,730 this year. Apartments prices too saw a decrease in the benchmark price, with a 0.5% decrease on May 2010 numbers--from $252,221 down to $250,988.

Different areas of the Fraser Valley saw variation in home sale and listings levels too, with Abbotsford seeing decreases across the board year-on-year, whereas Surrey North seen increases in both listings and prices across the board.

According to the Fraser Valley Real Estate Board's Housing Price Index, the benchmark price for a detached properties in Fraser Heights was $741,181, an increase of 3.1% monthly and 3.9% yearly. For other areas of Surrey or the Fraser Valley see the full press release at the Fraser Valley Real Estate Board website.

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