Home Sales drop 14% YOY in the Fraser Valley

FVRB notes drop in January sales
Feb 11 2007

"Multiple Listing Service sales and listings were down in January, over the same month last year. "

"According to the Fraser Valley Real Estate Board the total number of sales processed in January was 1,001, a decrease of 14 per cent compared to the same month last year when 1,165 sales were processed. However, it is an 18.8 per cent increase compared to the 842 sales processed in January 2005. "

"New listings in January increased by 14 per cent compared to 2006. As well, the Fraser Valley MLS saw an increase in the number of expensive properties listed. "

"More than 75 single family homes listed at one million or more entered the Fraser Valley market in January, says David Rishel, president of the Fraser Valley Real Estate Board. "

“There is also a range of choices for average home buyers, with almost 600 homes valued between $250,000 and $500,000 listed last month.”

"The Board received 2,425 new listings in January compared to 2,127 during the same period last year, bringing the total active inventory in the Fraser Valley to 6,099, an increase of 29 per cent over last year. "

"The average price of a single-family detached house in the Fraser Valley in January was $494,177, an increase of just over 11 per cent compared to the same month last year. In January 2006, the average price was $444,771. "

"Townhouses sold for an average of $302,591 in January, an increase of 16.2 per cent from 2006 when they sold for an average of $260,445. The average apartment price went up 18 per cent in one year, from January 2006’s average of $169,473, to $199,995 in 2007. "