The Fraser Valley Real Estate Board reports that the local market returned to more normalized volume in February. While this is the case, we still see prices heavily influenced by low inventory and the feeding frenzy of last year. The Condo and Townhome markets in Langley and Cloverdale are especially hot; we are again seeing multiple offers and prices over asking.
If you are considering selling or just have questions about the market, please give us a call today and let’s chat.
SURREY, BC – The Fraser Valley housing market returned to more typical levels in February, with sales and new listing intake on-par with the 10-year average for the month.
The Fraser Valley Real Estate Board processed 1,396 sales of all property types on its Multiple Listing Service® (MLS®) in February, a decrease of 41.5% compared to the record-breaking 2,387 sales in February of last year, and a 43% increase compared to the 976 sales in January 2017. The 10-year average for February sales is currently 1,288 transactions.
Of the 1,396 sales processed last month, 369 were townhouses and 391 were apartments.
“This is the kind of February we like to see. Last year at this time, the incredible demand created a market that was difficult for consumers. Now, we have sales moving upward from the winter months at a typical, healthy pace and a growing inventory to support it,” said Gopal Sahota, Board President.
The Board received 2,171 new listings in February, a 0.3% decrease from January 2017, and a 33.9% decrease compared to February 2016’s 3,283 new listings.
For February the total active inventory in the Fraser Valley finished at 4,645 available listings, increasing by 5.5% month-over-month, and decreasing 9.4% when compared to February 2016.
“While the pace of the market has returned to more normal levels, pricing is still heavily impacted by the activity and demand seen throughout 2016. Understandably, this can create a challenging environment for consumers. If you’re struggling finding the right home or buyer, talk to a REALTOR® who can help guide you towards success in the market.”
For the Fraser Valley region, the average number of days to sell a single family detached home in February 2017 was 38 days, compared to 21 days in February 2016.
HPI® Benchmark Price Activity
Single Family Detached: At $859,300, the Benchmark price for a single family detached home in the Valley increased 0.4% compared to January 2017, and increased 20.4% compared to February 2016.
Townhomes: At $422,400 the Benchmark price for a townhome in the Fraser Valley increased 0.5% compared to January 2017, and increased 25.2% compared to February 2016.
Apartments: At $267,000, the Benchmark price for apartments/condos in the Fraser Valley increased 1.8% compared to January 2017, and increased 26.5% compared to February 2016.
The Schreder Brothers provide a value-added approach ensuring their client’s real estate venture is handled in the most profitable manner by involving team players with a wealth of knowledge spanning across many areas of real estate.