Home sales in the Fraser Valley have been above 20,000 for 3 consecutive years but that run was broken in 2018.
Fraser Valley Real Estate Board’s MLS saw 15,586 sales in 2018, down more than 30% from the previous year and the lowest total since 2013. The total dollar value of transactions was down almost $4 billion to $11.8 billion.
Board president John Barbisan says that the figures reflect a return to more normal activity for the market.
“There is still a great deal of interest for Fraser Valley real estate, but with prices moving slowly and more inventory becoming available, many consumers are taking a deliberate approach now that they can afford to,” he said.
New listings hit their fourth highest on record with 32,058 received by the Board’s MLS system in 2018. Barbisan says that sellers need to ensure correct pricing as buyers take control.
Fraser Valley home prices
At $965,300, the Benchmark price for a single family detached home in the Fraser Valley decreased 1.1% compared to November 2018 and decreased 1.5% compared to December 2017.
For townhomes, the benchmark of $531,900, was down 0.2% month-over-month but up 3.7% year-over-year.
The Benchmark price for apartments/condos decreased 1% month-over-month but increased 7.6% year-over-year to $418,300.