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With 4458 new listings just in April, the total inventory is now at 11,111 listings. With sales declining from month to month, it is clear that the Fraser Valley real estate market is slowing down.
This incredible rise in the number of listings can be attributed to one thing: both sellers and buyers believing that the market is at it’s peak and is about to turn the other way. The sellers are rushing to sell before the market turns; the buyers are waiting for the market to turn.
The average Fraser Valley single-family home price of $547,590 in April is down from the previous month, but still up 4.7 from the same month a year ago. The average price of a townhouse in April was still 7.5 per cent higher, year-over-year, at $344,659 and condo prices 10.3 per cent higher at $235,840.
What all this means is that we are almost in a balanced market, but not to the bearish side yet. We are seeing prices (or increase in prices) starting to soften, but not going negative yet and sales are declining. Buyers are demanding quality and are not just going to buy anything. Rather they are waiting for that right property, at the right price and are grabbing these up within days of being on the market. While the overpriced ones sitting on the market for months.
The million dollar question asked by sellers of course is: Should I wait to sell and how long is it going to take to sell? The answer is simple: Price it well and your property will sell, no matter the market. And more than likely, it will sell for top market value. Price it wrong, and watch it sit on the market for a long while. If you are serious about selling, be realistic and price it right. With so much choice in the marketplace, buyers are probably not even considering overpriced properties worth a second look.
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