(Surrey, BC) – Recent sales data from the Fraser Valley Real Estate Board’s Multiple Listing Service (MLS®)

indicates that Fraser Valley’s real estate market is changing to favour the buyer. Sales continue to decrease and

benchmark prices for residential homes in most Fraser Valley communities are moderating, in some areas

trending down slightly since March.

The Board posted 1,418 sales in June reflecting a decrease of 31 per cent compared to the 2.053 sales processed

on the MLS® during June of last year. The Board received 3,236 new listings in June, taking the number of

active listings to 11,295, an increase of 47 per cent compared to the 7,676 listings available during June 2007.

“Real estate is cyclical and the numbers show that we’ve entered a buyer’s cycle,” explains Kelvin Neufeld,

president of the Board. “Where appropriate, REALTORS® are recommending their sellers sharpen their prices,

in particular for higher-end properties. On the other hand, there’s still a steady appetite for mid-range properties

priced competitively. Our average days-to-sell in June for single family homes was only six days more than last

year indicating that when buyers see an opportunity, they act.”

The average price of a single family detached home in the Fraser Valley increased by 6.1 per cent, going from

$529,678 in June 2007 to $561,771 last month. Townhomes went for an average $337,054 in June, an increase

of 4.8 per cent compared to the same month last year when they averaged $321,614 and the average price of an

apartment in June was $237,155, an increase of 7.8 per cent compared to $219,935 last year.

While average prices year over year continue to rise, the benchmark price or the price of a “typical” home across

a number of Fraser Valley communities reveals price fluctuations for the last three months ranging from a .3 per

cent decrease for single family detached, a .4 per cent increase for apartments, to a 1.6 per cent increase for

townhomes.

Neufeld says, “We’re experiencing a soft landing coming off the strongest and longest real estate cycle in our

history. For those who don’t remember selling a home in a normal competitive market, it’s essential to work

with a real estate professional who knows how to establish the right price for your property. Everything matters

now: your neighbourhood, your property type, your home’s appearance and thorough marketing.”