October sales in the Fraser Valley were off 18% from October of 2020. Will this push prices down?
No, prices are not expected to decrease as the number of new listings received in October dropped a stunning 29% from last year. The total inventory of active listings on the Fraser Valley Real Estate Board MLS is 50% of last year’s inventory. We need more housing – it’s that simple.
The Fraser Valley Real Estate Board saw 974 sales in January, a 24.2% cent increase compared to 784 in January 2019.
Active listings in the Fraser Valley MLS totaled 5,143 at the end of January 2020, a decrease of 14.2% from the same time last year.
MLS stats show that February 2017 saw a 41% decline in sales vs February 2016 (1,396 in 2017 vs 2,387 in 2016).
Is it time to panic as a seller or the time to celebrate as a buyer? The impact of a significant decline in demand (buyers) is being lessened by an offset in the amount of supply (sellers). February 2016 saw 34% more new listings hit the market than February 2017 (2,171 in 2017 vs 3,283 in 2016).
What’s the bottom line?
Data for the Fraser Valley shows that prices for all product types (houses, condos & townhouses) remain significantly higher than a year ago. We have seen a small decline in the value of detached homes (houses) while condos and townhouses are stable or inching upwards.
As always I caution the reader not to make decisions based entirely on these statistics as they reflect the Fraser Valley in it’s entirety and regional differences are sure to exist. Speak with an expert, someone with experience and knowledge in your region before you jump to false conclusions.