FOR IMMEDIATE RELEASE
December, 09 2012 (NEWSWIRE)
Scott Olson, president of the Surrey Real Estate Board says, "Buyers can not borrow as much as what they could just before the mortgage rule changes, so we are seeing our pool of prospective buyers shrink and we are seeing a change in the price range they are looking for.
"For 90 days in a row, we have seen a decrease in sales of detached surrey real estate homes $700,000 and up and greater demand for those $400,000 to half a million. Tighter credit conditions are receiving an effect on the market."
In addition to the fall in sales in November, the number of new listings posted on the MLS decreased by 11 per cent compared to a year ago and by 32 per cent compared to October. Olson observes, "This was an important fall with last month ranking alongside November 2003 as the slowest for new listings in the last decade.
"It means that sellers are adapting to conditions that favour North Surrey & Langley buyers; great collection, houses are available on the market longer and costs are lowering. If sellers do not have to offer, they have been taking their house off the market."
In the last six months, costs for all three residential North Surrey and Langley property types combined have decreased by 1.4 per cent while year over year they have improved by 1.3 per cent. For single family detached homes, the standard cost increased by 2 percent in one year, going from $ 533, 800 in November 2011 to $ 544, 700 last month.
For townhouses, the standard cost in November was $298,900, a decline of 1.5 per cent when compared with $303,600 during exactly the same month a year ago. The standard price of flats in North Surrey & Langley in November was $202,800, a rise of 2.6 per cent compared to $197,700 in November
The Board received 1,723 new listings in November compared to 1,926 through exactly the same month a year ago, taking the amount of active listings to 9,478, on level with November
For a home in the North Surrey & Langley, the average number of days to sell in November was 59, up five days from the exact same month last year. For townhomes, it absolutely was 70 days and flats 74 compared to 72 and 52 in November
The Fraser Valley Real Estate Board represents realtors in the region and provides monthly statistics
FVRB
15463 - 104 Avenue, Surrey, BC, V3R 1N9 (view map below)
Phone: 604.930.7600
Toll Free: 1.877.286.5685
Fax: 604.588.0325
web: http://www.fvreb.bc.ca
Email: mls@fvreb.bc.ca
Newswire.net
Source: EmailWire.Com 
