New Year – Same Momentum

The January 2018 statistics package has been released by the Fraser Valley Real Estate Board (FVREB), showing the market activity for January is resembling the momentum that was seen throughout 2017. The increases in prices and sales are continuing to climb when compared to the same time periods for last year. The FVREB had a total of 1,210 property sales across all property types in January 2018, while the same month in 2017 had 976 sales. This puts January 2018 in the Top 3 starts to a year in the Boards history, coming in behind 2016 (1,338 sales) and 1992 (1,270 sales). While the number of sales are higher than this time last year, the number of Active Listings have decreased 10% compared to January 2017. This has likely contributed to the heightened activity for the region, with prices gradually increasing, low inventory. and demand for attached properties. 51% of the sales last month were represented by Attached Properties - 281 townhomes and 338 apartments. The number of days a townhouse was on the market in January was 24 days, with apartments coming in at 19 days. Detached homes remained on the market for an average of 46 days. As for price points - all property categories have seen increases compared to December 2017. The average price of a detached home is up slightly by .06 to $982,700, which is 15.1% higher than the average in January 2017. Townhomes are up 1.2% compared to December 2017, selling for $519,400 on average. Apartments have seen the highest increase percentage wise at 4% higher than December 2017, averaging $404,100 per unit.   To read the full statistics package Click Here