February Brings Optimism to the Fraser Valley with Increased Housing Sales

The housing sales in the Fraser Valley increased in February with numbers that were on-par with the 10-year average for the month. In February, the Fraser Valley Real Estate Board processed 1,396 sales of all property types on its Multiple Listing Service® (MLS®), a decrease of 41.5 per cent compared to the record-breaking 2,387 sales in February of last year, but a 43 per cent increase compared to the 976 sales in January 2017. Of the 1,396 sales processed last month however, 369 were townhouses and 391 were apartments.

According to Gopal Sahota, Board President, “This is the kind of February we like to see. Last year at this time, the incredible demand created a market that was difficult for consumers. Now, we have sales moving upward from the winter months at a typical, healthy pace and a growing inventory to support it,” 

This February, detached homes on average did take longer to sell than last February (38 days versus 21 days) but this level is what would be considered more typical for this time of year. “While the pace of the market has returned to more normal levels, pricing is still heavily impacted by the activity and demand seen throughout 2016. Understandably, this can create a challenging environment for consumers. If you’re struggling finding the right home or buyer, talk to a REALTOR® who can help guide you towards success in the market.”

If you have any questions about this article or about selling your home, please feel free to CONTACT us at any time