The Fraser Valley housing market ready for spring! The Fraser Valley Real Estate Board (FVREB) says improvements in the market have been showing earlier than anticipated. The FVREB February Statistics has been released and the key details of the Fraser Valley market are below.
- Total Sales: 1,102, an increase of 43% compared to January 2014
- Active Listings: 8,210, an increase of 11% compared to January 2014
- New Listings: 2,666, an increase of 3% compared to February 2013
Ray Werger, President of the Board, says, “The last time we saw an improvement in the market this early in the year was two years ago when we ended up having a solid, steady market for February through to mid-summer. It’s too early to predict whether this year will be similar.”
“Although sales have picked up, it’s important to mention that they’re still hovering about 10 per cent below our 10-year average and the increase in activity are specific to property type and location, so be sure to ask your REALTOR® how your home and neighbourhood compare,” Werger adds.
- Detached Homes: $558,100, an increase of 3.2% compared to February 2013
- Townhouses: $298,900, an increase of 0.7% compared to February 2013
- Apartments: $193,200, a decrease of 4.6% compared to February 2013
Werger also states, “Generally, we’re finding for all property types if they’re priced right there is a buyer; however, demand for single family detached homes and townhomes is the most consistent with certain pockets in Langley, Abbotsford and North Delta that are thriving, which is why prices for detached homes in those areas are either on par of elevated compared to last year.”
*All statistics are from the Multiple Listing Service® (MLS®)
To view the entire FVREB February Statistics Report, click here.
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