Sales were down 41.5 per cent compared to February 2016, which was a record-breaker. Realtors sold 1,396 homes with new listings down 33.9 per cent from a year earlier and total inventory down 9.4 per cent at 4,645.
But while declining numbers may grab the headlines, the underlying story is more positive. Fraser Valley home sales remained above the 10-year average for February (1,288) and the increase from January was 43 per cent.
“This is the kind of February we like to see,” said Gopal Sahota, Fraser Valley Real Estate Board President. “Last year at this time, the incredible demand created a market that was difficult for consumers. Now, we have sales moving upward from the winter months at a typical, healthy pace and a growing inventory to support it.”
Prices remain elevated with detached homes reaching a benchmark $859,300 in February, up 0.4 per cent from January and 20.4 per cent above February 2016.
For townhomes, the benchmark was up 0.5 per cent from a month earlier and 25.2 per cent from a year earlier at $422,400; while apartments hit a benchmark $267,000, up 1.8 per cent month-over-month and 26.5 per cent year-over-year.
“While the pace of the market has returned to more normal levels, pricing is still heavily impacted by the activity and demand seen throughout 2016,” Sahota said.
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Home sales in the Fraser Valley saw a slump in February, similar to that seen in Metro Vancouver; but the body representing real estate agents in the region isn’t downbeat about it.