The most recent statistics package sent out by the Fraser Valley Real Estate Board (FVREB) continues with the trend of low supply across all areas of the housing market.

Even though there was a small increase to the number of new listings in the Fraser Valley, the overall supply is still well below the average over the last ten years for the month of February.

The FVREB had a total of 1,385 property sales across all property types in February 2018, while the same month in 2017 had 1,396 sales. This is a 14.5% increase over the number of sales in January 2018. 52% of the sales last month were represented by Attached Properties – 336 townhomes and 379 apartments. The number of days a townhouse was on the market in February was 16 days, with apartments coming in at 13 days. Detached homes remained on the market for an average of 38 days. This brings the number of days on market down compared to January 2018, making it a increasing challenge for Buyers to find a property.

As the spring market approaches, the number of new homes for sale should off-set the low inventory trend we have seen over the past few months. February saw the number of New Listings finish at 2,293 for the month. That is 9.6 percent higher than January 2018 and 6.6 percent higher than comparable new listings for February 2017.

When it comes to Benchmark Prices, all three categories of properties continued to climb.

Single Family Homes are up 1% from January 2018, coming in at an average of $992,100.

Townhomes are up 2.2% from January 2018, listed on average at $531,000. This has increased the average price of a townhome in the FVREB by 25.4% when compared to February 2017.

Apartments and Condos saw the highest increase since January 2018, averaging $422,300. This is up 4.5% since the previous month, but a staggering 46.7% when compared to the same month last year.

To read the entire Statistics Package for February 2018 – Click Here