March 2019 Fraser Valley Real Estate Update

Spring is on its way and it's bringing signs of the market picking up with it!

Many people think that spring is the best time of the year to buy or sell real estate, and only base this on the fact that it tends to be the busiest time of the year. While it is true that as a buyer there are more homes available to choose from, and as a seller, there are more buyers out looking for their new homes, each of these facts can be swapped around and may make you think twice about the best time of year to buy or sell!

I'm not saying that spring is a bad time to buy or sell at all, but what I am saying is that the best time if the year to buy or sell is when the time is right for you!

There are so many "facts" about real estate floating around out there that are simply myths or half-truths, but remember, I am here for you to bounce ideas off and I am always happy to sit down for a consultation to figure out a plan for your unique situation; Who knows, my advice to you may just be to wait a couple of years.

If you or anyone you know are on the fence about making a move, but just not sure if now is the right time for you, let's get a coffee and build a custom tailored plan that takes all of your needs and wants into consideration. I am always happy to help!

With February now coming to a close and the spring market rolling in we are starting to see exactly what was expected with increased sales activity, increased inventory and a continuing trend of prices decreasing.

February 2019's 982 sales was a 25% increase in activity compared to January 2019. This is of course still down from February 2018's 1,385 sales, but we are quite close to the 10 year average of 1,107 sales for February.

With surprise announcements of mortgage interest rates decreasing, and the continuing trend of the decreasing prices, many buyers will be in a better position to make a move happen this year than in previous years. As I have been saying for he last few months, if you are thinking of making a move up from a condo or townhouse to a singe family home now is a great time for you as well as the gap in prices is actually shrinking! Single family homes have decreased more than townhomes over the last 12 months, which means the equity you have in your townhome may be more powerful than it has been for quite some time!

It is becoming a bit redundant to mention that attached homes have once again out performed single family homes in number of sales, February 2019 saw 354 Sales in single family homes, 288 sales in condos, and 236 townhome sales. This is no surprise and will likely be normal from now on, as more single family homes are being torn down and replaced with multi-family family buildings.

With 6,404 active listings available at the end of February 2019, we saw an increase of 7% to our active inventory compared to January 2019, and a whopping 48% increase compared to February 2018! This simply means that buyers have more properties to choose from than they have for quite some time.

Sellers have to accept the fact prices are not what they were 7 or 8 months ago, but it is all relative. Homes that are priced correctly are still selling, and the market as a whole for the Fraser Valley is still technically in what is considered a Balanced Market with 17% of the active inventory selling for the month of February 2019. Anything from 12%-20% is considered a balanced market, anything above 20% is a Seller's Market and anything below 12% is a Buyer's Market. Most people who are selling their home are also going to buy a home, and a balanced market is the best time to do this.

I always love sending these newsletters out and getting questions back from all of you about what is happening in the market. Don't hesitate to get in touch with me or just respond to this email if you have any questions at all, and of course if you have any friends or family that would love to get this in their inbox, definitely pass it along!

HPI® Benchmark Price Activity

Single Family Detached: At $958,900, the Benchmark price for a single family detached home in the Fraser Valley increased 0.5% compared to January 2019 and decreased 3.7% compared to February 2018.
Townhomes: At $516,000, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 1.2% compared to January 2019 and increased 2.8% compared to February 2018.
Apartments: At $409,700, the Benchmark price for apartments/condos in the Fraser Valley increased 0.2% compared to January 2019 and decreased 3% compared to February 2018.

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