Fraser Valley real estate kicked-off the New Year strong with sales reaching above the ten-year average for January, and a healthy intake of new inventory.
The Fraser Valley Real Estate Board processed 976 sales of all property types on its Multiple Listing Service® (MLS®) in January, a decrease of 27.1 per cent compared to the 1,338 sales in January of last year, and a 1 per cent increase compared to the 966 sales in December 2016.
Of the 976 sales processed last month, 212 were townhouses and 276 were apartments, representing exactly half of the month’s market activity.
“The impacts of 2016’s tremendous real estate surge continue to be felt as we enter the New Year, and a new market.
The Board received 2,178 new listings in January, a significant 162.7 per cent increase from December 2016, and a 13.2 per cent decrease compared to January 2016’s 2,510 new listings.
In January the total active inventory for the Fraser Valley was 4,401 listings, a decrease of 8.1 per cent year-over-year and the lowest level seen for a January in ten years. However, active inventory increased by 12 per cent month-over-month compared to December’s 3,930 active listings.
For the Fraser Valley region, the average number of days to sell a single family detached home in January 2017 was 49 days, compared to 33 days in January 2016.
HPI® Benchmark Price Activity
Find the January Statistics Package here.
Fraser Valley Real Estate Board Feb 2 2017