Although they couldn’t get near the record-breaking figures of a year ago, home sales in the Fraser Valley remained above the 10-year average in February, according to Fraser Valley Real Estate Board (FVREB) statistics released March 2.
Real estate sales of all property types in February were down by 41.5 per cent year over year, but 43 per cent higher than January’s transactions – and it was a similar story for residential-only sales.
New listings were also down year over year, by 33.9 per cent, but also roughly level with the 10-year average for the month. Total active listings dropped somewhat compared with a year ago, but inventory levels increased 5.5 per cent since January.
“This is the kind of February we like to see,” said Gopal Sahota, FVREB president. “Last year at this time, the incredible demand created a market that was difficult for consumers. Now, we have sales moving upward from the winter months at a typical, healthy pace and a growing inventory to support it.”
The Fraser Valley benchmark home price (combined residential property types) in February was up 21.4 per cent over one year ago, and 0.5 per cent higher than January.
Sales and Listings
There were 1,396 real estate sales in February (all property types, including commercial and industrial) – down 41.5 per cent fewer than February last year, but still slightly higher than the 10-year average for the month and up 43 per cent month over month.
In terms of residential transactions only, 1,249 homes exchanged hands in February, which was an annual fall of 42.1 per cent but 47.3 per cent higher than January 2017.
The numbers diverge considerably in the different property sectors. Detached home sales in the region fell a dramatic 60.7 per cent year over year, at just 489 units. However, this was 35.8 per cent higher than January’s 360 single-family home sales.
Attached properties dropped 29.8 per cent from one year ago to 369 sales in February, which is a huge leap of 74.1 per cent over January’s total of 212 units.
After a spectacular January for Fraser Valley condo-apartment sales, which are bucking market trends by not dropping even compared with 2016, February was another strong month for condo sales. The total of 391 unit transactions was 0.8 per cent higher than one year ago, and 41.7 per cent up compared with January.
As with Greater Vancouver’s February figures, a shortfall in new listings may have prevented the market from surging further. Fraser Valley homes appearing on the market in February totalled 1,759 units, which is 35.7 per cent lower than one year ago and 1.7 per cent down since January’s rush of New Year listings.
This meant there were 2,995 homes available to purchase as of the end of February, which is a decline of 13.9 per cent from February 2016 but a rise of 3.1 per cent over January. Again, because of slow buying patterns in single-family homes, total listings for detached houses rose 13 per cent year over year.
Benchmark Prices
Fraser Valley benchmark prices maintained their unwavering, comparatively high levels. The benchmark price of a Fraser Valley home in February (combined residential property types) was $634,200 – 21.4 per cent higher than one year ago, and up half a percentage point over January.
This price was 1.4 per cent higher six months ago, which reveals that there was a slight price decline during the late summer and fall that has been steadily recovering.
Despite this property seeing the biggest sales declines, a typical Fraser Valley detached home in February was priced at $859,300. This is an increase of 19.9 per cent since February 2016 – and $3,000, or 0.4 per cent, more than January this year.
Attached home benchmark prices in February saw a similar incline, up 24.6 per cent year over year to $422,400 and up nearly 0.5 per cent over January.
The hottest sector remains the condo-apartment market, with the benchmark price increasing on an annual basis by 26 per cent in February to $267,000, which is once again biggest month-over-month rise – up 1.8 per cent since January.
Sopta added, “While the pace of the market has returned to more normal levels, pricing is still heavily impacted by the activity and demand seen throughout 2016. Understandably, this can create a challenging environment for consumers.”
To see home prices, sales and listings broken down by community, see the FVREB February 2017 statistics package.
