The Fraser Valley Real Estate Board’s statistics have been tallied for January and they confirm that it’s been a strong start to the year.
The dramatic decrease in sales that we’ve seen since Spring 2016 has slowed considerably with a significant injection of inventory. Active listings of condos are up 28% while townhomes saw a 41% increase. Active listings of detached homes also saw the first meaningful increase (10%) in 6 months.
Despite this injection of inventory, sales are still down very slightly month over month. We would have anticipated an increase in sales given the previous indications of high demand. It’s possible we will not see the increase in sales until the February statistics are published, given that days on market hovers around a month to a month and a half for all three product categories.
Days on market is longest for listings of detached homes, reported as staying on the market for an average of 49 days, a 20% increase over December. The big question is whether this is due to low demand or if it is simply that sellers remain stubborn in their price expectations despite market values.
Month over month we have consistently seen a decrease in the HPI benchmark price of detached homes across the Fraser Valley. The size of that price decrease has been shrinking each month and January 2017 saw an effectively 0% change from December 2016, indicating we could be at the bottom of this slide. The benchmark price for townhomes and condos maintained their mild upward trajectory at 0.9% and 1.3% month over month respectively.
Check out our curated summary of the Fraser Valley Real Estate Board’s January 2017 stats in infographics here.
View the Fraser Valley Real Estate Board’s entire stats package for January 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.