Posted: August 08, 2012 By: Melissa
Fraser Valley sales and home prices remain steady
According to the Fraser Valley Real Estate Board (FVREB), the housing market in the Fraser Valley has remained relatively stable over the past few months.
The FVREB processed 1,393 sales on the MLS this July, indicating only a 5% increase when compared to July 2011 sales, which sat at 1,322. However, July 2012 sales declined by 5% compared to June 2012 which acquired 1,463 sales.
Altogether, the board posted 2,983 new home listings this July, which is on par with last year’s number of listings, and only slightly more than June 2012’s listings. The month of July had a total of 10,813 active listings at month end. Scott Olson, the board’s president stated that, “while our inventory remains at above-average levels, our sales are sufficiently steady to keep prices consistent.”
Olson believes that higher affordability of homes in the Fraser Valley help contribute to the market’s stability. Last month, the average price of half the townhomes sold were less than $325,000, while half of the condos sold were priced for less than $210,000.
When looking at statistics, the housing market in the Fraser Valley appears to be a viable option for first time home buyers who are particular about greater affordability.
Article source: Fraser Valley Real Estate Board