February 2016 was a big month for real estate in the Fraser Valley.
Not only was it another record-setting month for sales (increase of 79% compared to February 2015) but there were also big changes to BC Property Transfer Tax on February 17.
Overall, home buyers are finding selection scarce and prices driven higher and higher by the intense demand. Here are some comments from Charles Wiebe, President of the Fraser Valley Real Estate Board:
“In my twenty-five years of real estate, I have never seen such consistent demand for housing in the Fraser Valley.
While it’s certainly encouraging to see such confidence in our region, the intense demand has created a more complex market for buyers. For certain property types, prices have increased and selection is scarce. If you find yourself struggling in your search, consult a professional. We know the market and we’re here to help you.
Inventory is moving fast, so it’s critical that buyers know what they most want in a home and neighborhood, and be open to considering new areas. The Valley features a wide range of diverse housing options, with many areas still very affordable, so talk to your REALTOR® who will help carve a path to suit your needs.”
If you’re a numbers person here is a basic overview of February 2016 Fraser Valley Real Estate Board stats released March 2:
- 2,387 sales processed by the Fraser Valley Real Estate Board on its MLS (increase of 79% compared to February 2015).
- 3,283 new listings received by the Board in February 2016 (increase of 26% compared to February 2015).
- 5,127 active listings in the inventory (down 35% compared to February 2015).
- 21 days to sell a single-family detached home, on average (compared to 41 days in February 2015).
- $714,000 for a Fraser Valley single family detached home (increase of 23% compared to February 2015).
Do you know what you really want in a home or neighborhood? Are you open to considering new areas to obtain your dream home? Is it time to hire a professional Realtor to help you locate and close on the right house before another buyer does?
Contact Natasha Taylor of Sutton WestCoast Realty. Call or text 778-316-4290 or email firstname.lastname@example.org.
Read the entire February 2016 Real Estate Statistics Package here.