Market Analysis

2005 BODES WELL FOR BOTH BUYER AND SELLER

The Fraser Valley Multiple Listing Service® (MLS®) statistics in January 2005 show housing prices remain strong and selection is increasing, indicating the market is balancing in favour of both buyers and sellers. There were 842 MLS® sales processed in January 2005, compared to 1,123 last month and 1,025 one year ago, representing a 25 per cent decrease in one month and an 18 per cent decrease in one year. However, there was an almost 50 per cent increase in new listings in January compared to last month. In December 2004 the Fraser Valley Board received 1,259 new listings and in January that jumped to 1,874, significantly increasing buyers' selection. The total active inventory is at 5,950 listings - an increase of 9 per cent from last month, and 11 per cent higher than January of last year. "It's great news for buyers because there's a little more choice right now, and thanks to prices remaining strong, sellers are still getting great return," says Moss Moloney, the president of the Fraser Valley Real Estate Board. The average price of a single-family detached house in the Fraser Valley in January was $351,500, up slightly from last month's average of $349,006. In January 2004, the average price was $328,099. Townhouses sold for an average of $232,916 in January, an increase of 13.8 per cent from 2004. The average apartment price went up 11.6 per cent in one year, from January 2004's average of $122,035, to $136,143 for 2005. Townhouses sold for an average year-to-date price of $220,450, an increase of almost $30,000 or 15.7 per cent from 2003. The average apartment price went up $14,000 in one year, from the 2003 year-end-to-date average of $122,691, to $136,704 for 2004.