Home sales in the Fraser Valley housing market were 7% above the 10-year average
Steve Randall
Canadian Real Estate Wealth
Home sales in the Fraser Valley housing market were 7% above the 10-year average for the month in January, while listings decreased and prices were higher.
Figures from Fraser Valley Real Estate Board show 974 sales were processed through the MLS last month, down almost 22% from December but up 24% from January 2019.
This included 363 single family detached homes, 241 were townhouses, and 248 were apartments.
“Considering our record-shattering snow and cold, the pace of home sales remained surprisingly balanced in January,” said Darin Germyn, President of the Board. “Sales in our region have steadily improved since July of last year and January’s numbers remained consistent with that trend.”
Active listings were up 9.8% compared to December but down 14.2% year-over-year. New listings were down 15.1% from January 2019 at 2,216, although this was up sharply from December’s 948.
“Where the weather may have had an impact in January, is on our housing supply,” observed Germyn. “For certain property types, listings in the Fraser Valley are not keeping pace with sales. In areas of Surrey and Langley for example, for every two townhomes listed, one is selling.”
MLS® HPI Benchmark Price Activity Single Family Detached: At $960,800, the Benchmark price for a single-family detached home in the Fraser Valley increased 0.7% compared to December 2019 and, also increased 0.7% compared to January 2019.
Townhomes: At $518,000, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley increased 0.6% compared to December 2019 and decreased 0.8% compared to January 2019.
Apartments: At $408,400, the Benchmark price for apartments/condos in the Fraser Valley increased 0.7% compared to December 2019 and decreased 0.1% compared to January 2019.
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