Spring Comes Early...at least to the real estate market!
Property sales in the Fraser Valley were 6% higher than the 10-year average for the month of January. On top of that, the number of new listings were 11% below historical norms.
These factors combined have led to a shortage in the supply of available homes. Many potential purchasers were in a “wait and see” pattern through 2019 and are now entering the marketplace.
"Considering our record-shattering snow and cold, the pace of home sales remained surprisingly balanced in January," said Darin Germyn, President of the Board. “Sales in our region have steadily improved since July of last year and January's numbers remained consistent with that trend."
With talk of interest rates heading down, it looks like we’re in for an early spring market!
If you'd like to know how the current market trends may impact your housing plans, we'd love to chat over coffee. Give us a call!
The Fraser Valley's Real Estate Market
Here is a quick snapshot of the Fraser Valley's real estate market today covering the following areas: Surrey, South Surrey, North Delta, Cloverdale, Langley, Abbotsford and Mission. All single family home, townhome and condo data sourced from the FVREB MLS®