Friday, October 03, 2008

Fraser Valley Real Estate Values Falling

The Fraser Valley Real Estate Board area has witnessed a dramatic turnaround from the heyday of 2004 through 2007. Prices are now falling at a rate of 2.5% per quarter and the bottom is far from being in. In fact, I fully expect prices to drop dramatically over the next 6 months.


Sales are very low for this time of year and are at levels normally reserved for the slowest months of the year.


Active Listings rose during September and are at the highest ever recorded levels.

Months of inventory is very high, leading to dramatic downward price pressure. There is always a seller who 'must sell' and buyers never 'must buy' so price drops are inevitable at these inventory levels.

The correlation between supply / demand and price changes continues to be exceptionally strong.


Prices are continuing to fall.


Cheers.
at

4 comments:

  1. M-9:37 PM, October 03, 2008

    Awesome, I always enjoy reading your stats packages!

    ReplyDelete
  2. the pope11:09 PM, October 03, 2008

    Great post. Are prices actually falling faster in the GVRD than they are in the Fraser Valley?

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  3. mohican7:50 AM, October 04, 2008

    yes - prices are falling much faster in the inner areas right now.

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  4. Midlife Traveller8:49 PM, October 05, 2008

    Well I'm excited. We're looking to buy in the Fraser Valley and have been waiting for this for a year now. By this time next year we should be able to pick up our dream property for a great price.

    ReplyDelete