Real Estate Agents Happy Despite Slump In Fraser Valley Home Sales

Fraser Valley region home sales went through a fall, similar to that of the Metro Vancouver, which went through the same situation. However, the representative body of the real estate professionals shows no sign of being affected by it. Unlike last year February, home sales declined by 41.5 per cent, which was a new record. With the current listings down by 33.9 per cent from the year before, an amount of 1,396 homes were sold by Realtors. In total, inventory declined to 4,645 by 9.4 per cent.

As decreasing numbers of home sales are making headlines, the most focal story, however, shows to be a good sign. The home sales in Fraser Valley continues to be above the decade average for last month (1,288), it went up by 43 per cent from January. The President of the Fraser Valley Real Estate Board, Gopal Sahota said; “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.”

Detached homes continuously see rise in prices, reaching an average price of $89,300 in February, increased from January by 0.4 per cent and 20.4 per cent above February 2016. Average prices for townhouses went up by 0.5 per cent from the previous month, and at $422,400 by 25.2 per cent from last year. Apartments went up by 1.8 per cent over the month and 26.5 per cent year-over-year, which reached a benchmark price of $267,000. Sahota mentioned; “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.”