Stable property sales and a steady erosion of inventory for the last seven months of 2010 have brought equilibrium to Fraser Valley’s real estate market.
“Our market was a bit of a rollercoaster in 2010 with buyers appearing earlier than expected in the year, tapering in the summer and returning in the fall,” says Deanna Horn, Fraser Valley Real Estate Board president.
“As consumers regained their confidence in the overall economy, we saw a normalization of the market with sales at or slightly below average, inventory dropping and modest changes in home prices.”
A total of 895 sales were processed on the Board’s Multiple Listing Service® (MLS®) in December, a decrease of 17% compared to November and a decrease of 29% compared to 1,260 sales in December of last year. The Board’s 10-year average for December sales in the last decade is 1,020.
In terms of listings, the Board finished 2010 with 8,139 active listings, 10% fewer than in November and an increase of 25% compared to the 6,534 properties available in December 2009. December’s inventory represents a 28% drop from 2010’s peak of 11,411 active listings reached in May.
Overall, the benchmark price for Fraser Valley detached homes in December was $506,145, an increase of 0.3% compared to November and 1.7% higher compared to $497,732 in December 2009.
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