Overall, Fraser Valley's real estate market in 2011 was below the 10 year average in property sales and above average in the number of new listings received; however, according to the president of the Fraser Valley Real Estate Board, results varied widely, depending on the community and property type.

Sukh Sidhu observes, "I can't remember a year that illustrates better, how local real estate is, and the importance of talking to your realtor, before making a decision to buy or sell.  For example, in my community of Abbotsford, sales of single family homes dropped by almost 7%, compared to 2010, pushing prices down slightly, while in South Surrey/White Rock, sales increased year over year by 45%, resulting in double digit price increases".

The Board's Mulitiple Listing Service processed 15,529 sales in 2011, compared to 14,891 the previous year, an increase of 4%, while the number of new listings remained about the same at 31,592 in 2011, compared to 31,437 in 2010.  Over the year, the number of active listings for buyers to choose from dropped by 9%, going from 8,139 properties in December 2010, to 7,399 in December 2011.

Although 2011 ranks the third slowest year for sales in the Fraser Valley since 2002, it was only 10% less than the 10 year average of 17,210 sales.  The volume of new listings received in 2011 was 6% more than the 10 year average of 29,867 new listings, placing last year third in ranking since 2002.

Sidhu adds, "One trend from 2011 that is clear, was the preference for single family homes.  For the most part, in our region, both sales and prices of townhomes and condos either stayed on par with 2010 or decreased".

In December, the benchmark price of a detached home in the Fraser Valley was $522,998, an increase of 3.3%, compared to $506,145, in December 2010, and a decrease of 1.7% compared to November.

For townhouses, the benchmark price in December was $315,330, a decrease of 2.1%, compared to the same month last year, when it was $322,054, and down 3.8%, compared to November.  The benchmark price of condos in December was $237,285, a decrease of 1.2%, compared to December 2010, and a decrease of 0.5%, compared to November.

Average prices year over year show detached homes up 9.1% - $610,269 in 2011, compared to $559,456 in 2010.  The average price of townhomes increased by 2.6%, going from $336,484 in 2010, to $345,138 in 2011, and the average price of condos increased by 0.9%, going from $223,910 in 2010, to $225,976 in 2011.