By Ozzie Jurock
March’s 2,234 sales were even with last year. The average price was up to $302,900 from $281,000 last year and active listings are down again. The average price rose in all categories, as did sales volume. Great news ... the market is substantially better.
March/00 March/99 % Units sold 2,234 2,238 00% Average price 302,900 280,900 +07% Active Listings 15,000 16,400 -08% Detached sales 1,188 1,216 -02% Condo sales 614 617 00% Townhouse sales 337 344 -02% ________________________________________ Detached prices 387,900 356,700 +08% Condo prices 188,915 173,700 +08% Townhouse prices 231,900 220,300 +05%Major Point: The last five year’s Average Price:
The March 2000 average of $302,900 is the best average price in 5 years. In fact since 1992, only 1995’s March (The Peak) was better at $329,500.
Prices in all sectors are up. Volume is even, listings are down. This is the bottom building phase, where the best deals are going to run out. While we do not need to worry about a ‘runaway’ market, we should stay close to the market. Prices have been higher, every month year over year since August 1999.
FRASER VALLEY NUMBERS
The Valley’s volume is still a disappointing 11% lower than last March. The condo average price is down by 10%, while the townhouse average clocked in some 9% higher.
March/00 March/99 % Units sold 1,027 1,150 -11% Average priceS.F. 248,800 245,300 +01% Active Listings 8,710 8,125 -06% Detached sales 578 616 -07% Condo sales 108 146 -38% Townhouse sales 146 160 -10% __________________________________________ Detached prices 248,800 245,300 +01% Condo prices 114,900 104,000 -10% Townhouse prices 162,700 177,200 +09%Major Point:
The March 2000 average of $248,800 is the highest average single family home price since 1992.
Condo sales are off by 38% (!) over last year, condo prices off by 10%. While we see a lot of deals clearing out (foreclosures, etc.) there still is an overhang of unsold properties depressing volume and prices. The single-family home area is stable, although here also fewer units changed hands.
Still, the median price of $100,000 in Mission,
$78,000 in Abbotsford, $114,900 in Langley,
$105,000 in white Rock, $89,000 in Surrey and
$97,0000 in North Delta shows that a full 50% of condos sell BELOW that median price for each area.
Within 1 hour of Vancouver these are now much better investments than even 5 years ago.
Look For Calgary, Edmonton, Toronto, Vancouver Island and the Okanagan numbers and forecasts in this week's Jurock's Facts by Fax.
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