Springing Into the Spring Market
February 2019 brought an increase in sales activity and overall inventory to the Fraser Valley real estate market over the first month of the year, along with decreased prices in several of its communities.
The Fraser Valley Real Estate Board processed 982 sales of all property types on its Multiple Listing Service® in February, a 25.3 percent increase compared to sales in January 2019, and a 29.1 percent decrease compared to the 1,385 sales in February of last year. Of the 982 total sales, 354 were residential detached homes, 236 were townhouses, and 288 were apartments.
The latest pricing activity shows the benchmark price for a single-family detached home in the Fraser Valley coming in at $958,900 in February 2019, a 3.7 percent decrease compared to February 2018, while townhomes, at $516,000, showed a 2.8 percent increase and apartments/condos, at a benchmark price of $409,700, decreased by 3 percent in February 2019 compared to February 2018.
Darin Germyn, President of the Board, said, "With inventory continuing to build, and prices softening across many of our areas and property types, buyers will be well positioned to make a move this spring."
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