Stable Conditions Define Market
While there were some ups and downs in the Fraser Valley real estate market last year, overall it continued on a steady path, similar to the 2012 market.
Ron Todson, President of the Fraser Valley Board, says, "It wasn't the best of years, nor was it the worst. Generally speaking, 2013 overall was quiet. Earlier in the year, our market felt the impact of the tighter mortgage regulations, rebounded some in the summer and then flattened again come fall."
"The positive for both buyers and sellers has been the stability in home prices. Although our sales last year were amongst the lowest they've been in the last decade, we didn't see significant price declines because our inventory also remained lower. When both buyers and sellers take a breather it has a balancing effect on the market where neither has the upper hand."
The Fraser Valley Real Estate Board confirmed that average prices yearover- year showed detached homes rising to $615,852 in 2013 compared to $597,608 in 2012, townhomes dropping slightly from $340,253 in 2012 to $337,811 in 2013, and the average price of apartments decreasing by 0.4 percent from $220,033 in 2012 to $219,196 in 2013.
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