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Housing Prices Continue to Rise Because Inventory is Low.

Blog by Michael Cosburn | February 25th, 2017

Overall prices of homes continue to rise. In some cases, the increase is a slow creep in the detached home market and in other areas of the market we are seeing sharp increases in condos and townhomes in the Fraser Valley. The number of Active listings for Jan. 2017 compared to Jan. 2016 were down just over 8% at 4401. Total sales for Jan. 2017 were 976 compared to the total sales in Jan. 2016 at 1338 sales; a decrease of 27%. A 27% decrease in sales is significant indeed but keep in mind the number of homes sold in December, January and February are on the lower side typically. We are starting to move into the Spring Market and detached homes should start to move a little faster and we should see more coming on the market for sale. Condos and Townhomes are still sought after because they are affordable but the current prices are being forced upward becasue of demand and we are seeing multiple offers in a lot of these sales as well.
Remember if you need a Realtor that has your best interst in mind give me a call. I am always happy to help.