Fraser Valley Real Estate: Jan 2018 Infographic

Fraser Valley Real Estate Board stats are out for the month of January and it’s more of the same: strong sales and demand in the attached home market and incredibly low inventory across the board.

The push for sales in December, in anticipation of  the January change in mortgage rules, appears to have merely delayed the typical seasonal drop in sales activity which should have begun in December. January saw month-over-month decreases in sales 2 to 4 times greater than January 2017 but the combined December-January decrease is on par with years past.

The benchmark price of a Fraser Valley condo jumped another 4%, month-over-month in January. Townhouses saw a milder increase of 1.2% with detached homes trailing the pack with a 0.65% increase. Interestingly, South Surrey continues to underperform the Fraser Valley when comparing price growth, For example, the benchmark price of townhomes and detached homes decreased slightly, when the bulk of the Fraser Valley saw increases in both categories. The most affordable homes, predominantly condos, are proving to be the strongest product in each market.

January 2018 saw less than half the typical month-over-month increase in active listings. Starting the year off with even less inventory than last year does not bode well for anyone hoping the rapid price escalation will ease off.

What does this mean for residential development land? As home-buyer demand for more affordable housing options continues, there is incredible demand for condo and townhouse land in the Fraser Valley. The majority of our clients remain bullish on the attached market.

Check out our curated summary of the Fraser Valley Real Estate Board’s January stats in infographics below.

View the Fraser Valley Real Estate Board’s entire stats package for January 2018 here.

 

 


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