Wednesday, February 04, 2009

Fraser Valley Real Estate Market - January 2009

From the Fraser Valley Real Estate Board:

"A total of 389 sales were processed through Fraser Valley’s MLS® in January, a decrease of 59 per cent compared to 956 sales in January 2008 and comparable to January sales figures last seen in the early 1980s, according to statistics from Fraser Valley Real Estate Board’s Multiple Listing Service." Wow!

Active listings are really high for January.

Months of inventory is sky high to begin the year.

Prices in the Fraser Valley have been dropping now since May 2008 and prices are now back at July 2006 levels.

The correlation between months of inventory and price changes is exceedingly strong through the bust so far.
Stay tuned, more price declines to come.

1 comment:

VanTOVan said...

That's funny. Last week a realtor (whom I'm trying to convince to put in an aggressive lowball offer) in the FV sent me the December report saying:

I am trying to send you a graph from our board. I tried to cut and paste it to you but it did not work, so you get the whole file. Go to page 12. (I am not asking you to read the whole file, it's very long.) This graph that I want you to see is in yellow, this shows Condos are on the rebound. That means prices are on the climb for condo's It's just a matter of time for the Detached houses and Townhouse to catch up. The graph shows Detached has leveled off I believe we are at the bottom of the market for detached. The townhouses have yet to level off or turn, so they may continue to drop a little more.
The window of great steal deals is about to close.

I think Mohican's graphs just smashed that window.