Overall inventory levels continued to recover as market activity remained moderate through January. The Fraser Valley Real Estate Board processed 784 sales of all property types on its Multiple Listing Service® (MLS®) in January.
Of the 784 total sales, 250 were residential detached homes, 190 were townhouses, and 257 were condos. This is the first time in the Board’s history that condos have outsold residential detached homes during a month.
“Historically, January months start slowly, and 2019 is following that trend,” explained Barbisan. “Pricing for each of our major residential property types remains either stable or decreased in most areas. This isn’t necessarily indicative of what’s to come in 2019, but it reinforces the need to be aware of what’s happening in your local market in order to be effective.”
For the Fraser Valley region, the average number of days to sell a condo in January was 45, and 44 for townhomes. Single family detached homes remained on the market for an average of 55 days before selling.