Home sales in January totalled 976, down 27.1 per cent from a year earlier, the Fraser Valley Real Estate Board reports; inventory was down 8.1 per cent to 4,401.
New listings fell 13.2 per cent year-over-year and a massive 162.7 per cent from December but remained strong at 2,178.
Half of January’s sales activity were apartments and townhouses.
“Notably, the distribution of sales across our residential property types levelled-off even further in January. As well, prices continue to adjust to match more typical demand, albeit slowly,” said Charles Wiebe, Board President.
Prices in the Fraser Valley continue to rise with year-over-year increases of 24.3 per cent for the benchmark price of a single-family detached home ($856,300), 28.8 per cent for a townhome ($420,400) and 27.6 per cent for an apartment/condo ($262,300).
Month-over-month price increases were 1.3 per cent for townhomes, 0.9 per cent for apartments/condos but unchanged for single-family detached homes.
More market update:
Home buyers in the Fraser Valley are considering a broader range of housing options amid tightening inventory.