Buyers' market in Abbotsford

After a slow summer, real estate in Abbotsford showed some signs of recovery in September.

The Fraser Valley Real Estate Board (FVREB), which monitors sales in the region, reports a modest month-over-month increase in sales on its Multiple Listing Service (MLS) in September. 

“This is the beginning of the fall market. Our sales, while lower than a typical September, are up compared to the summer and the average days to sale for single detached homes decreased slightly compared to August,” said board president Deanna Horn in a press release.

In Abbotsford, single detached houses sold for an average price of $442,000 in September, compared to a price of $426,000 in the same month last year. That is an increased of 3.8 per cent, based on 59 sales.

Of the 33 townhomes that sold in Abbotsford last month, the average price was $291,000, which was up from $245,000 in 2009, based on 33 units sold. And 61 local apartments sold for an average price of $164,000, compared with $185,000 in September 2009.

A total of 1,044 sales were processed on FVREB’s MLS in September, an increase of 5 per cent compared to 997 sales in August, however a decrease of 34 per cent compared to 1,590 sales in September of last year.

Sales were down 28 per cent in Abbotsford.

The board received 2,411 new listings last month, a 15 per cent increase from August, yet a nine per cent decrease compared to September 2009. The board finished September with 9,959 active listings, three per cent fewer than in August and an increase of 13 per cent compared to the 8,799 properties available in September 2009.

“Although consumers have 13 per cent fewer properties to look at in Fraser Valley than they did in May, it remains a buyers’ market with a healthy selection, near-record low interest rates and stable prices,” said Horn. “It’s important that both buyers and sellers recognize that as long as inventory levels continue to decline, there is less downward pressure on pricing.”