February Fraser Valley Market stats are out!

The Fraser Valley market showed early signs of a spring thaw in February, with sales increasing over January, but continuing to trail typical levels for this time of year.

The Fraser Valley Real Estate Board recorded 843 sales on its Multiple Listing Service® (MLS®) in February, a 36 per cent increase from January, but 38 per cent below the ten-year seasonal average. New listings declined nine per cent in February to 2,796, suggesting some sellers are choosing to wait amid competitive inventory levels, and may be positioning their homes for the peak of the spring market.

Overall inventory remains above seasonal norms for the Fraser Valley, with 8,344 active listings, up eight per cent from January and 51 per cent above the 10-year seasonal average.

The Fraser Valley remains firmly in a buyer’s market, with an overall sales-to-active listings ratio of ten per cent in February. A balanced market is typically defined by a ratio between 12 and 20 per cent.

Across the Fraser Valley in February, the average number of days to sell a single-family detached home was 47 days, while for a condo it was 45 days. Townhomes took, on average, 39 days to sell.

The composite Benchmark price for a typical home in the Fraser Valley decreased 0.2 per cent in February, to $895,100.

If you have any questions regarding the current market give us a call @604.562.0068

If you are thinking of Selling or Buying a home, Don't forget to give us a call for top notch service by a top notch team. We can Help...

THE GILLTEAM
Rahul/Aman Gill
604.562.0068
soldbygillteam@gmail.com
www.gillteam.com
Gilco Real Estate Services