{"id":8451,"date":"2018-03-04T11:11:41","date_gmt":"2018-03-04T19:11:41","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8451"},"modified":"2018-03-03T10:44:36","modified_gmt":"2018-03-03T18:44:36","slug":"lack-supply-continues-command-fraser-valley-housing-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/03\/lack-supply-continues-command-fraser-valley-housing-market\/","title":{"rendered":"Lack of Supply Continues to Command Fraser Valley Housing Market"},"content":{"rendered":"<p style=\"text-align: justify;\">SURREY, BC \u2013 Despite slight increases in both active and new inventory in the Valley, overall supply in February remained well below the ten-year average for the month historically.<\/p>\n<p style=\"text-align: justify;\">The Fraser Valley Real Estate Board processed 1,385 sales of all property types on its Multiple Listing Service\u00ae (MLS\u00ae) in February, a decrease of 0.8% compared to the 1,396 sales in February of last year, and a 14.5% increase compared to the 1,210 sales in January 2018.<\/p>\n<p style=\"text-align: justify;\">Of the 1,385 sales processed last month, 336 were townhouses and 379 were apartments, together representing 52% of all transactions in February.<\/p>\n<p style=\"text-align: justify;\">\u201cAttached apartment inventory, in particular, has struggled to keep up with the shift in demand we saw prominently throughout last year,\u201d said John Barbisan, Board President. \u201cWithout sufficient supply, it has become increasingly challenging for buyers looking to enter the market at that level.\u201d<\/p>\n<p style=\"text-align: justify;\">Active inventory for the Fraser Valley finished at 4,340 listings last month, increasing 9.5% month-over-month, and decreasing 6.6% when compared to February 2017. The 10-year average for February active inventory is 7,487 units.<\/p>\n<p style=\"text-align: justify;\">The Board received 2,293 new listings in February, a 9.6% increase from January 2018\u2019s 2,092 new listings, and a 5.6% increase compared to February 2017.<\/p>\n<p style=\"text-align: justify;\">\u201cWith the sales-to-actives ratio for townhomes and apartments at 67% and 75% respectively, sellers can expect interest if they price their homes effectively. Talk to your REALTOR\u00ae who can evaluate your local market and find the right price point for success.\u201d<\/p>\n<p style=\"text-align: justify;\">For the Fraser Valley region the average number of days to sell an apartment in February was 13, and 16 for townhomes. Single family detached homes remained on the market for an average of 38 days before selling.<\/p>\n<p style=\"text-align: justify;\"><strong>HPI\u00ae Benchmark Price Activity<\/strong><\/p>\n<p style=\"text-align: justify;\">\u2022 Single Family Detached : At $992,100, the Benchmark price for a single family detached home in the Valley increased 1% compared to January 2018, and increased 15.7% compared to February 2017.<\/p>\n<p style=\"text-align: justify;\">\u2022 Townhomes : At $531,000 the Benchmark price for a townhome in the Fraser Valley increased 2.2% compared to January 2018, and increased 25.4% compared to February 2017.<\/p>\n<p style=\"text-align: justify;\">\u2022 Apartments : At $422,300, the Benchmark price for apartments\/condos in the Fraser Valley increased 4.5% compared to January 2018, and increased 46.7% compared to February 2017.<\/p>\n<p><a href=\"https:\/\/www.fvreb.bc.ca\/statistics\/lack-of-supply-continues-to-command-fraser-valley-housing-market\/\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to view the February Statistics Package.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SURREY, BC \u2013 Despite slight increases in both active and new inventory in the Valley, overall supply in February remained well below the ten-year average for the month historically. The &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/03\/lack-supply-continues-command-fraser-valley-housing-market\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-8451","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Lack of Supply Continues to Command Fraser Valley Housing Market &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/03\/lack-supply-continues-command-fraser-valley-housing-market\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Lack of Supply Continues to Command Fraser Valley Housing Market &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"SURREY, BC \u2013 Despite slight increases in both active and new inventory in the Valley, overall supply in February remained well below the ten-year average for the month historically. 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