FYI - Saturday May 10th from 9am – 2pm we are hosting our 5th Annual Sullivan / Panorama Community Garage Sale
Visit our facebook page to learn more: https://www.facebook.com/jennandcolinrealestate/events
The Fraser Valley Real Estate Market is showing some signs of spring.
Last year we ended up having a solid, steady market from February through to mid-summer. That being said It’s still too early to predict whether this year will be similar,
Sales are up and the average number of days to sell a detached home is one week faster than it was in January. In February, it took on average 51 days to sell a detached home compared to 58 days in January. Townhomes took 55 days on average to sell compared to 60 days the month before and apartments spent an average of 70 days on the market in February compared to 86 days in January.
Although sales have picked up, it’s important to mention that they’re still hovering about 10 per cent below our 10-year average and the increases in activity are specific to property type and location.
Generally, we’re finding for all property types if they’re priced right there is a buyer; however, demand for single family detached homes and townhomes is the most consistent in certain pockets of Langley, Abbotsford and North Delta - which is why prices for detached homes in those areas are either on par or elevated compared to last year.
Fraser Valley’s condo market and closer to home Sullivan/Panorama’s townhome market although moderately busier in February, continues to favour buyers offering excellent pricing opportunities due to higher levels of inventory and prices comparable to what they were up to eight years ago!
In February, the benchmark price of single family detached homes in the Fraser Valley was $558,100, an increase of 3.2 per cent compared to $540,900 during the same month last year. For townhouses, the benchmark price was $298,900, an increase of 0.7 per cent compared to $296,700 in February 2013 and the benchmark price of apartments was $193,200, a decrease of 4.6 per cent compared to $202,500 in February 2013.
To learn more about selling your home this year call us direct! 604-613-5731