Market Update: Fraser Valley housing market activity in January continued on the momentum seen throughout 2017 with year-over-year increases seen for both sales and pricing.
The Fraser Valley Real Estate Board processed 1,210 sales of all property types on its Multiple Listing Service® (MLS®) in January, an increase of 24 per cent compared to the 976 sales in January of last year, and a 10 per cent decrease compared to the 1,344 sales in December 2017. This was the third highest sales total for a January in the Board’s history, behind only 2016 (1,338) and 1992 (1,270).
Of the 1,210 sales processed last month 281 were townhouses and 338 were apartments, together representing 51 per cent of all transactions in January.
“This will be the third consecutive year of heightened market activity for our region, and we’re starting 2018exactly where we left off – gradually rising prices, tight inventory, and the dominance of attached home sales," said Gopal Sahota, Board President.
For the Fraser Valley region the average number of days to sell an apartment in January was 19, and 24 for townhomes. Single family detached homes remained on the market for an average of 46 days before selling.
View the full statistics package here.
Comparing Price Activity to Previous Month and Last Year
Single Family Detached
At $982,700, the Benchmark price for a single family detached home in the Valley increased 0.6 per cent compared to December 2017, and increased 15.1 per cent compared to January 2017.
At $519,400 the Benchmark price for a townhome in the Fraser Valley increased 1.2 per cent compared to December 2017, and increased 23.4 per cent compared to January 2017.
At $404,100, the Benchmark price for apartments/condos in the Fraser Valley increased 4 per cent compared to December 2017, and increased 44.1 per cent compared to January 2017.
The Fraser Valley Real Estate Board on behalf of Fraser Valley REALTORS® has donated $12,000 to the Canuck Place Children’s Hospice – Dave Lede House in Abbotsford.
The Canuck Place Children’s Hospice was established in 1995 and offers pediatric palliative care for children with life-threatening illnesses and their families which includes medical respite care, pain and symptom management, expressive therapies, end-of-life care, as well as grief and loss counselling - all at no cost to families.
The donation will be used to purchase a Pedicraft Canopy Bed. These beds are specially designed for children with safety and comfort in mind, equipped with adjustable mattress options while also able to support necessary medical equipment.
Over the last year, Canuck Place has cared for more than 715 children and families with over 40% of patients residing in the Fraser Valley. The Canuck Place