The Fraser Valley Real Estate Board released their March statistics package last week and here are some of the highlights:
There were 1006 residential real estate transactions in the Fraser Valley. Sales were up from February but down significantly from previous years.
Active Listings are quite high and will likely rise through the spring and summer.
Months of inventory is at an elevated level of 9.8 and will likely remain at or around this level for the next two months before rising for the remainder of the year.
The FVREB House Price Index, in an uptrend for the past 4 years, has now fallen significantly from peak levels last spring. Even with an uptick the last couple months we are at 2006 price levels. We will see if prices hold up or not this year.
Months of Inventory has a high correlation with price changes and at the current and expected future inventory levels through the remainder of the year we should see continued negative pressure on prices.