In February, sales of all property types in the Fraser Valley increased by 21% year over year with demand for two property types in particular - single family detached homes and townhomes - outpacing supply.
Last month the Fraser Valley Real Estate Board processed 1,337 sales on the Multiple Listing Service (MLS) compared to 1,102 sales in February of last year. New listings in February totaled 2,160 which added up to 7,864 active listings up from January’s 7,307.
“It was our busiest February since 2007” says newly-elected board president Jorda Maisey. “In my community of Langley the average number of days to sell a detached house is now less than one month and it’s a challenge finding the right product for some of our buyers, however every area is different. To understand the market for your home and your neighbourhood, talk to your Realtor.”
Our best seller in the Fraser Valley remains the single family detached home, followed by townhomes, in part because almost half of our buyers are families with children, but also because these products are so much more affordable in the Fraser Valley. With a typical townhome costing less than $300,000 and the interest rates so low, many first-time buyers are finding they can get more for their money here.”
The MLS HPI benchmark price of a Fraser Valley single family detached home in February was $581,400, and increase of 4.2% compared to February 2014.
Across Fraser Valley, the average number of days to sell a singe family detached home in February was 41 days, ten days faster than last year. Townhouses are selling slightly faster and apartments are on par with February 2014.
In the month of February the Will Rempel Team was highest in sales for Re/Max Treeland Realty and in the Top 5 Realtors in the entire Fraser Valley, once again earning Medallion Club membership. Homes have been selling in under 7 days, for near or above asking price. With a very busy start to March, this pace is expected to continue