There was a 2% decline in home sales in the Fraser Valley in January compared to the previous month.
Sales were down 35.2% from January 2018 with 784 homes processed by the Fraser Valley Real Estate Board; 250 were residential detached homes, 190 were townhouses, 257 were apartments.
It was the first time that apartment sales were greater than detached home sales in any month.
“This remains a challenging environment for buyers and sellers alike,” said John Barbisan, President of the Board. “Factors such as reduced buying power, changing expectations for pricing, and a recovering inventory are all having an impact.”
Inventory was up almost 10% month-over-month and by more than 51% compared to January 2018 with 5,995 active listings. There was a near-25% jump in new listings year-over-year with 2,609 added.
Prices have moderated|
“Historically, January months start slowly, and 2019 is following that trend,” explained Barbisan. “Pricing for each of our major residential property types remains either stable or decreased in most areas. This isn’t necessarily indicative of what’s to come in 2019, but it reinforces the need to be aware of what’s happening in your local market in order to be effective.”
HPI® Benchmark Price Activity
- Single Family Detached: At $954,100, the Benchmark price for a single family detached home in the Fraser Valley decreased 1.2% compared to December 2018 and decreased 3.3% compared to January 2018.
- Townhomes: At $522,100, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 1.8% compared to December 2018 and increased 0.5% compared to January 2018.
- Apartments: At $409,000, the Benchmark price for apartments/condos in the Fraser Valley decreased 2.2% compared to December 2018 and increased 1.2% compared to January 2018.