New Year Brings Strongest January on Record

 

The latest Statistics Package from the FVREB. Full report on the link below.

 

News Release: February 2, 

 

SURREY, BC – Fraser Valley’s real estate market showed no signs of slowing down, producing the strongest sales for January on record.

The Fraser Valley Real Estate Board processed 1,338 sales on its Multiple Listing Service® (MLS®) in January, an increase of 57 per cent compared to January 2015 and 13 per cent fewer then were processed in December. Sales in January ranked at the top for the last ten years coming in 57 per cent over the 10-year average, and 5 per cent higher than the previous record of 1,270 sales in January 1992.

 

Jorda Maisey, President of the Board said, “Typically, we see January numbers slow down post-holiday season, but so far demand for Fraser Valley homes hasn’t let up. Homebuyers are reluctant to wait when the market is moving this fast.”

“There are a number of factors we can attribute this jump to, but most importantly, we’re seeing that the demand for owning a home continues to rise and inventory is struggling to keep up. Job creation and a strong BC economy are drawing more people to our region; and despite rising prices in some areas, many communities within the Fraser Valley remain affordable.”

The Board received 2,510 new listings in January, a decrease of 8 per cent compared to January of last year. The total active inventory for January was 4,790, down 34 per cent from last year’s 7,307 active listings.

Maisey explained, “Homeowners may be reluctant to sell because they love their home and where they live. However, for those looking to enter the market and perhaps are waiting for spring, we suggest you and your REALTOR® start planning now. There are a lot of people out there who will want your home.”

Across Fraser Valley, the average number of days to sell a single family detached home in January 2016 was 33 days, compared to 55 days in January 2015.

The MLS® HPI benchmark price of a Fraser Valley single family detached home in January was $691,100, an increase of 20.9 per cent compared to January 2015 when it was $571,700.

In January, the benchmark price of townhouses was $334,400, an increase of 13.8 per cent compared to $293,800 in January 2015. The benchmark price of apartments also increased year-over-year by 7.8 per cent, going from $189,500 in January 2015 to $204,300 in January 2016.

 

Full package:
http://www.fvreb.bc.ca/statistics/Package%20201601.pdf

Read full post
Categories:   100 Mile House - Town, 100 Mile House (Zone 10) Real Estate | Abbotsford East, Abbotsford Real Estate | Bridge Lake/Sheridan Lake, 100 Mile House (Zone 10) Real Estate | Brighouse, Richmond Real Estate | Brookswood Langley, Langley Real Estate | Cambie, Vancouver West Real Estate | Campbell Valley, Langley Real Estate | Central Coquitlam, Coquitlam Real Estate | Clayton, Cloverdale Real Estate | Cloverdale BC, Cloverdale Real Estate | Collingwood VE, Vancouver East Real Estate | Crescent Bch Ocean Pk., South Surrey White Rock Real Estate | East Central, Maple Ridge Real Estate | East Newton, Surrey Real Estate | Elgin Chantrell, South Surrey White Rock Real Estate | Grandview Surrey, South Surrey White Rock Real Estate | Hatzic, Mission Real Estate | Hazelmere, South Surrey White Rock Real Estate | Holly, Ladner Real Estate | King George Corridor, South Surrey White Rock Real Estate | Ladner Elementary, Ladner Real Estate | Langley City, Langley Real Estate | Maillardville, Coquitlam Real Estate | Morgan Creek, South Surrey White Rock Real Estate | Mount Pleasant VE, Vancouver East Real Estate | Queen Mary Park Surrey, Surrey Real Estate | Roche Point, North Vancouver Real Estate | Salmon River, Langley Real Estate | Scottsdale, N. Delta Real Estate | South Meadows, Pitt Meadows Real Estate | Southwest Maple Ridge, Maple Ridge Real Estate | Sullivan Station, Surrey Real Estate | Sunnyside Park Surrey, South Surrey White Rock Real Estate | Sunshine Hills Woods, N. Delta Real Estate | Surrey Real Estate | Whalley, North Surrey Real Estate | White Rock, South Surrey White Rock Real Estate | Willoughby Heights, Langley Real Estate
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.