The Fraser Valley housing market saw increased sales in February compared to January but continues to favour buyers.
There were 982 sales processed by the Fraser Valley Real Estate Board’s MLS in February, a 25.3% increase from January but 29.1% below the 1,385 sales in February of last year. Of the 982 total sales, 354 were residential detached homes, 236 were townhouses, and 288 were apartments.
Active listings totaled 6,406, up 6.9% month-over-month and 47.6% higher than February 2018. There were 2,216 new listings during the month, a 15.1% decrease compared to January and down 3.4% from a year ago.
“With inventory continuing to build, and prices softening across many of our areas and property types, buyers will be well positioned to make a move this spring,” said Darin Germyn, president of the Board. “Demand within our region varies depending on the community, with both residential detached homes and attached properties garnering interest when priced effectively.”
HPI® Benchmark Price Activity
- Single Family Detached: At $958,900, the Benchmark price for a single family detached home in the Fraser Valley increased 0.5 per cent compared to January 2019 and decreased 3.7 per cent compared to February 2018.
- Townhomes: At $516,000, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 1.2 per cent compared to January 2019 and increased 2.8 per cent compared to February 2018.
- Apartments: At $409,700, the Benchmark price for apartments/condos in the Fraser Valley increased 0.2 per cent compared to January 2019 and decreased 3 per cent compared to February 2018.