I have listed a new property at 63 27456 32ND AVE in Langley.
Cedar Park offers a great community central to Aldergrove. Extensive Updates include flooring (ceramic tile & new laminate throughout), crown mouldings upstairs & down, powder room w/ classic features, w/ceramic tile backsplash. Largebedrooms. Master with balcony. Fully fenced yard and large storage room. Call for private showing!
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The consensus seems to be among the industry that a steady-as-she goes attitude has prevailed. Buyers are hesitant, waiting to see if the Big Correction is going to happen, while Sellers are sitting back and taking a "wait-and-see" mentality as the Vancouver Sun so put it. Fraser Valley Real Estate Board President Scott Olson put it best in describing the last few months:


Buyers kept hoping for greater price drops while sellers who didn’t have to sell just took their home off
the market rather than lower their price.


So, yes, sales are WAY down across the board, BUT so are listings. Because the ratio isn't changing, the demand doesn't change and therefore the prices aren't dropping. Home sellers don't need to sell, there aren't a rush of foreclosures dragging the market down, and people aren't desperate. Markets, such as Vancouver, held up by unrealistic hype are going to see some correction, as we are seeing in the 5.8% benchmark decline.


A quick synopsis between fall and winter 2012: Abbotsford is improving in detached homes, Cloverdale came back from a poor fall to finish strong. Surrey Central took a huge hit in sale numbers, yet maintained its large increase from 2011, expect some softening in 2013. White Rock/South Surrey, where sales have faltered for the better part of the year, yet maintained high prices, has finally hit its tipping scale. Sellers are finally letting go of high expectations and the benchmark price in the area has fallen rapidly over the last few months. Langley numbers softened slightly overall, but have mainly held steady.

Market Breakdown:

ABBOTSFORD (Detached homes)
Inventory: 10.2 Months (Buyers Market)
Last December: 11.7 Months
Benchmark Price: $421,200 (+3.3% from 2011)

CLOVERDALE (Detached homes)
Inventory: 5.6 Months (Balanced Market)
Last December: 5.5 Months
Benchmark Price: $562,300 (+2.0% from 2011)


LANGLEY (Detached homes)
Inventory: 7.7 Months (Buyers Market)
Last December: 5.7 Months
Benchmark Price: $540,000 (+ 1.0% from 2011)

SURREY CENTRAL (Detached homes)
Inventory: 10.0 Months (Strong Buyers Market)
Last December: 5.9 Months
Benchmark Price: $565,600 (+5.1% from 2011)

Inventory: 10.2 Months (Strong Buyers Market)
Last December: 5.9 Months
Benchmark Price: $822,500 (-6.5% from 2011)

For any additional municipalities or property types, please contact me directly. 604-510-4825 or email bradrichert@macrealty.com

For raw data, click here.

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