Your Fraser Valley Real Estate Market Update

Despite  slight increases to both active and new inventory in the Valley, overall supply in February remained well below the ten-year average for the month historically.

Attached apartment inventory in particular has struggled to keep up with the shift in demand we saw prominently throughout last year. Without sufficient supply, it has become increasingly challenging for buyers looking to enter the market at that level.

Here is the summary of the market for February.

Total Sales Processed  - 1,385

Total New Listings - 2,293

For the Fraser Valley region, the average number of days to sell an:

Apartment (Condos) - 13 Days

Townhomes - 16 Days

Single Family Detached - 38 Days

Of the total transactions Fraser Valley Real Estate Board processed:

336 were Townhouses

379 were Apartments (Condos)

670 were Single Family Detached

Total Active Inventory last month - 4,430 listings

New listings received in February - 2,293

HPI Benchmark Price Activity

Apartments/Condos 

Benchmark Price - $422,300

Price increased 4.5% compared to January 2018

Price increased 46.7% compared to February 2017

Townhomes

Benchmark Price - $531,000

Price increased 2.2% compared to January 2018

Price increased 25.4% compared to February 2017

Single Family Detached

Benchmark Price - $992,100

Price increased  1% compared to January 2018

Price increased 46.7% compared to February 2017

For the most updated market information on what is happening in your neighborhood, give me a call at 604 308 6404 or e mail at RealtorNischal@gmail.com. 

The support of a real estate expert goes a long way when navigating a busy market in the Fraser Valley..