Market Shifts to Favor Fraser Valley Buyers
Sales continue to decrease and benchmark prices for residential homes in most Fraser Valley communities are moderating, in some areas trending down slightly since March.
The Board posted 1,418 sales in June, reflecting a decrease of 31% compared to the 2,053 sales processed on the MLS during June of last year. The Board received 3,236 new listings in June, taking the number of active listings to 11,295, an increase of 47% compared to the 7,676 listings available during June 2007.
"Real estate is cyclical and the numbers show that we've entered a buyer's cycle," explains Kelvin Neufeld, president of the Board. "Where appropriate, Realtors are recommending their sellers sharpen their prices, in particular for higher-end properties. On the other hand, there's still a steady appetite for mid-range properties priced competitively. Our average days-to-sell in June for single family homes was only six days more than last year, indicating that when buyers see an opportunity, they act. Everything matters now: your neighborhood, your property type, your home's appearance, and thorough marketing."
