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®) refl ect 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 etermined 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. Read the whole News Release