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MARKET UPDATE JANUARY 2017


Blog by Monica Dabrowski | February 7th, 2017


Demand Diversifies for Fraser Valley Real Estate
 

MARKET UPDATE: Fraser Valley real estate kicked-off the New Year strong with sales reaching above the ten-year average for January, and a healthy intake of new inventory. The Fraser Valley Real Estate Board processed 976 sales of all property types on its Multiple Listing Service® (MLS®) in January, a decrease of 27.1 per cent compared to the 1,338 sales in January of last year, and a 1 per cent increase compared to the 966 sales in December 2016. Of the 976 sales processed last month, 212 were townhouses and 276 were apartments, representing exactly half of the month’s market activity.

For the Fraser Valley region, the average number of days to sell a single family detached home in January 2017 was 49 days, compared to 33 days in January 2016. Statistics are gathered based on sales processed through the MLS (Multiple Listing Service). Click on the link below to view the full statistics package from the Fraser Valley Real Estate Board.

View the full statistics package from the FVREB here.


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Now is a great time to list in the Fraser Valley; buyers are looking at a wider range of homes and the market is still lacking inventory needed to match demand. Current limited supply and well-set pricing will work to a seller's advantage to list their home before the Spring market takes full force. After we have entered the Spring market, sellers will have to compete from a surge of listings as usually seen during this time of year.

Stay tuned for more real estate market updates. Follow us on Facebook and read our Blog for the latest market updates as they come!


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