Fraser Valley real estate market gears up for spring

04 March 2019
Sutton Premier Realty

SURREY, BC - Coming off a mild January, the Fraser Valley real estate market saw an increase in sales activity and overall inventory in February along with deceased prices in several of its communities.

The Fraser Valley Real Estate Board processed 982 sales of all property types on its Multiple Listing Service (MLS) in February, a 25.3 per cent increase compared to sales in January 2019, and a 29.1 per cent 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.

Darin Germyn, President of the Board, said of the market: "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."

There were 6,406 active listings available in the Fraser Valley at the end of February, an increase of 6.9 per cent compared to January 2019's inventory and an increase of 47.6 per cent year-over-year.

The Board received 2,216 new listings during the month, a 15.1 per cent compared to January 2019's intake of 2,609 new listings and a 3.4 per cent decrease compared year-over-year.

"Demand within our region varies depending on the community, with both residential detached homes and attached properties garnering interest when priced effectively." continued Germyn. "If you're looking to list, contact a Realtor who can help you understand the local market and what price point will bring you the buyer you're looking for."

For the Fraser Valley region, the average number of days to sell an apartment in January was 40, and 39 for townhouses. Single family detached homes remained on the market for an average of 43 days before selling.

-FVREB March 4, 2019