Is the market back in the Fraser Valley? It sure looks like it with the key metrics indicating we have reached the turning point.
The benchmark price of a detached home in the Fraser Valley has been falling since August 2016. The decline has decelerated in recent months and in January that price decrease was down to 0.05%. The price increase in February is the first increase in over 6 months, marking what appears to be the official end of the decline.
Sales are way up in all three product categories, month over month, despite only minimal increases in inventory. The most dramatic increase was in the townhome market with sales up 74% month over month when active listings decreased by 3%.
Homes are selling faster and for closer to their list price. Days on market is down in the detached home and townhome segments for the first time in 8 months, and all three product segments are up in selling price as a percent of original list price.
Check out our curated summary of the Fraser Valley Real Estate Board’s February 2017 stats in infographics here.
View the Fraser Valley Real Estate Board’s entire stats package for February 2017 here.
This representation is based in whole or in part on data generated by the Fraser Valley Real Estate Board which assumes no responsibility for its accuracy.