If there’s one thing we can say about the January real estate market in popular Fraser Valley cities like Surrey, White Rock, Langley, and Abbotsford, it’s that there’s no signs of slowing down.
Jorda Maisey, President of the Fraser Valley Real Estate Board (FVREB) says, “Typically, we see January numbers slow down post-holiday season, but so far demand for Fraser Valley homes hasn’t let up. Homebuyers are reluctant to wait when the market is moving this fast.”
There’s an increased demand for owning a home in BC and the inventory of houses is hardly keeping up. Both job creation and a strong economy is bringing more people into our cities. The FVREB also points out that many of our cities here remain affordable compared to other Lower Mainland and Vancouver neighborhoods.
Here are the top 6 numbers to take note of from the Fraser Valley Real Estate Board’s (FVREB) Statistics package for January 2016:
- 1,338 – the number of sales on the FVREB MLS in January 2016 (up 57% compared to January 2015).
- 2,510 – the number of new listings in January 2016 (down 8% compared to January 2015).
- 33 – the average number of days to sell a single-family detached home (compared to 55 days last January).
- $689,300 – the benchmark price of a Fraser Valley single family detached home in January 2015 (up 20.6% compared to January 2015).
- $326,500 – the benchmark price of a Fraser Valley townhouse in January 2015 (up 13.8% compared to January 2015).
- $205,600 – the benchmark price of a Fraser Valley condo in January 2015 (up 7.8% compared to January 2015).
If you are thinking about selling your home this Spring start talking with your Real Estate agents now. There are a lot of active buyers out there now and there may be no reason to wait until the tulips start blooming.
If you are a buyer it may be time to team up with our Sutton real estate agents to help create an attractive offer that will stand out to sellers in multiple offer situations.
For more information about what all these numbers and market conditions mean for you, call or text Natasha Taylor at 778-316-4290 or send an email to firstname.lastname@example.org.
Read the entire January Statistics Package here.