There are more homes for sale now in the Fraser Valley than at any time in recent history, with at least 12,299 listings posted with the Fraser Valley Real Estate Board, an increase of 56 percent from July 2007.
"Buyers are now in the drivers seat and we're starting to see that reflected in home prices" said Kelvin Neufeld, Board president. Sales in July reached 1,284 properties, down 35 percent from the same month last year. The sales level is now at a more normal level, the type seen before 2007, Neufeld explained. Prices are beginning to stabilize, with only modest increases. The average price of a detached house, for example, rose just 2 percent in July from a year earlier, to $530,450. Townhome average prices were virtually unchanged at $324,042 and the average price of a condominium was up 6.5 percent, to $233,597.
The high number of listings means that vendors must be sure their home is ready for viewing and priced to the market, Neufeld said. He urges vendors to tap the expertise of their local realtor to establish a competitive price and recommend the presentation and marketing strategy to ensure the home is sold.
Currently it is taking an average of 50 days to sell a detached house in the Fraser Valley, he added.
source: Real Estate Weekly: Friday, August 22, 2008