By Mike Archer. While real estate sales have been steadily sliding in the Fraser Valley for more than 12 months, house prices have stubbornly resisted a natural and corresponding response to the drop in sales.
Except in Abbotsford and Mission. Real Estate prices in January in Abbotsford and Mission have been hit hardest according to statistics released by the Fraser Valley Real Estate Board (FVREB).
Sales in January dropped to the second lowest figures recorded in the last 13 years according to the FVREB. The sales decline has been consistent for more than 12 months.
In January prices in Abbotsford and Mission reacted to the consistent drop in sales by falling. The fall in prices doesn’t seem to have had any impact on the steady decline in sales.
A total of 617 sales were processed through the Fraser Valley Real Estate Board’s Multiple Listing Service (MLS®) in January, a decrease of 23 per cent compared to 799 sales during the same month last year. January 2013 ranks as the second slowest for that month in the last thirteen years, second only to January 2009 during the global recession
While prices in most of the Lower Mainland have remained stubbornly high and have not reacted to the downward pressure of the historic drop in sales, house prices in Abbotsford and Mission have begun to drop significantly.
Those prices stand out in comparison to other communities in the Lower Mainland according to the FVREB.
For the full statistics package on the Fraser Valley simply click on the link below:
Fraser Valley real Estate Stats January 2013