A total of 617 sales were processed through the Fraser Valley Real Estate Board's Multiple Listing Service in January of 2013. This was a decrease of 23 per cent from the same time period in 2012. January 2013 ranks as the second slowest month in the last thirteen yeasrs, second only to January of 2009 during the global recession. The president of the Fraser Valley's Real Estate Board, says "Buyers have been holding off in hopes that prices will drop more, however it's become clear that sellers are only willing to go so far. Prices for typical homes in the Fraser Valley have decreased by only two to three per cent in the last six months and in January we're starting to see the reversal of that."
A total of 2643 new listings were added in January - 4% fewer than the same month last year. January 2013 ranks as the third highest in terms of active listings in the last decade.
"With interst rates as low as they are, our local economy as strong as it is and prices so tenacious I think we'll see the effects of this pent up demand and return to a mor balanced market". Source: Fraser Valley Real Estate Board
What does all this mean to you - If you're waiting to Buy or Sell - Don't