January Sales Figures Show Real Estate Market is Off

January sales figures show the Fraser Valley real estate market is off to a very brisk start in 2006 with the Fraser Valley Real Estate Board (FVREB) reporting a 38 per cent increase in sales in January 2006 compared to January 2005.

Last month 1,165 sales were processed on the MLS, tying with January 2002 as the third most productive January in Fraser Valley’s history.

“In December experts forecast more moderation for the year ahead. So far, that’s not the case for the Fraser Valley,” says Fraser Valley Real Estate Board president Jake Siemens. “Not only have sales increased by 38 per cent in one year, the dollar value of January sales increased by 71 per cent compared to January 2005.”

There was also an increase in new listings in January with 2,127 new listings being added to total inventory. As a result, total active inventory increased by 13 percent to 4,722 listings compared to last month but still showed a decrease of 21 per cent compared to a year ago.

The average price of a single-family-detached house in the Fraser Valley rose by over $93,000 dollars or 26.5 per cent in one year, and was $444,771 in January compared to last year’s $351,500. Townhouses sold for an average $260,445, an increase of 11.8 per cent, or just over $27,500 from January 2005. In January 2006, apartments went for an average $169,473, 24.5 per cent higher than the same month last year or, in dollar value increase, just over $33,300 more.

“Consumers are continuing to say that a home in the Fraser Valley is a smart investment,” says Siemens. “Despite price increases, Fraser Valley still offers very attractive properties at a reasonable cost, and relative to other areas in the Lower Mainland, you get a lot of value for what you pay here.”