Fraser Valley real estate market ‘returned to balance’

VANCOUVER — Fraser Valley real estate markets mirrored the Metro Vancouver experienced in January with a more relaxed pace of sales with rising levels of new listings to bring more market balance to the picture.

The region’s realtors recorded 981 sales through the Multiple Listing Service in January, off 22 per cent from December, but still more than double the number of sales from the same month a year ago when markets across the Lower Mainland had nearly ground to a halt.

“Compared to last January, the market has returned to balance,” board president Paul Penner said in a news release. “Consumers continue to take advantage of the affordability created by lower interest rates.”

Buyers are also seeing a bit more selection as sellers listed 2,941 properties for sale in January, a near doubling from the number of new listings put up for sale in December.

The benchmark price for a Fraser Valley single-family home, the average value of typical homes sold, hit $500,931 in January, up almost 11 per cent from the same month a year ago.

Source: The Vancouver Sun

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