SURREY, BC – Coming off a mild January, the Fraser Valley real estate market saw an increase in sales activity and overall inventory in February along with decreased prices in several of its communities.

The Fraser Valley Real Estate Board processed 982 sales of all property types on its Multiple Listing Service® (MLS®) in February, a 25.3% increase compared to sales in January 2019, and a 29.1% decrease compared to 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.

Darin Germyn, President of the Board, said of the market: “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.”

There were 6,406 active listings available in the Fraser Valley at the end of February, an increase of 6.9% compared to January 2019’s inventory and an increase of 47.6% year-over-year.

The Board received 2,216 new listings during the month, a 15.1% decrease compared to January 2019’s intake of 2,609 new listings and a 3.4% decrease compared year-over-year.

“Demand within our region varies depending on the community, with both residential detached homes and attached properties garnering interest when priced effectively,” continued Germyn. “If you’re looking to list, contact a REALTOR® who can help you understand the local market and what price point will bring you the buyers you’re looking for.”

For the Fraser Valley region, the average number of days to sell an apartment in January was 40, and 39 for townhomes. Single family detached homes remained on the market for an average of 43 days before selling.

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% compared to January 2019 and decreased 3.7% 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% compared to January 2019 and increased 2.8% compared to February 2018.

• Apartments : At $409,700, the Benchmark price for apartments/condos in the Fraser Valley increased 0.2% compared to January 2019 and decreased 3% compared to February 2018.

Click here for the February Statistics Package.

Fraser Valley Real Estate Market Gears Up for Spring