Inventory increases have contributed to a modest January market, will the spring market lower inventory?
Fraser Valley; The inventory continues to rise as market activity remained moderate through January.
There was 780 sales firmed up in total for all types reported in January, over 2% decrease in volume from sales recorded in December, this is a 34% drop compared to the 1,200 reported from the same month in 2018.
Of the 780 reported sales, 248 were single residential homes, 188 were townhomes, and 257 were condos. This is the first time in the Board’s history that condos have outsold single family homes in a month.
Buyers and sellers are finding this a challenging environment factors such as new mortgage rules reducing buying power, difficulties determining pricing, and a increased inventory, lower sales all have an impact, creating uncertainty.
More inventory with 6,001 active listings available in the Fraser Valley as of January 30th, an increase of 9.8 % compared to end of December 2018 count, creating a 52 % year-over-year increase.
Additionally, 2,599 new listings were registered this month on MLS for January a large increase to December 2018’s intake of 980 new listings and a 25.7 % year-over-year gain.
Traditionally January start slowly, and 2019 is following that pattern, Prices flattened out the pressure creating price increases is not present, this slowdown isn’t necessarily indicative of what’s to come in 2019, but it confirms the need to be cognitive of trends in the market in order to be successful whether buying or selling.
For the Fraser Valley region, the average number of days to sell a condo in January was 46, and 45 for townhouses. Single family houses remained on the market for an average of 56 days before selling.
Well priced listings in good areas still garner lots of attention and action. Traditionally January is the slowest market, and the pattern historically is by the end of February the market action picks up, a spring market begins. February and Marches statistics will likely dictate the years pattern, stay tuned.
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