The Fraser Valley Real Estate Board recently published the MLS® statistics for the real estate market, among others, for February 2019.
In this post, we’re going to take a close look at key numbers for the condominium market for February 2019 – including sales, new listings, active listings, as well as benchmark, median and average prices for condominiums for sale in .
We're also going to see what kind of shape the condominium market in was in for the month – whether it was a buyer's market, a balanced market, or a seller's market.
With inventory continuing to build, and prices softening across many of our areas and property types, buyers will be well positioned to make a move this spring.
Darin Germyn, President of the FVREB – President, Fraser Valley Real Estate Board
And we're going to look at how the Abbotsford MLS® numbers for February 2019 compare with the numbers for February 2018 and for January 2019.
Highlights of FVREB MLS® Data on Condominium Listings and Sales
Here's a high-level snapshot of listing and sales activity for condominiums in February 2019.
- 66 Sales
- 86 New Listings
- 222 Active listings
- $303,100 Benchmark Price
- $296,250 Median Price
- $299,271 Average Price
The sales-to-active-listings ratio netted out a market absorption rate of 29.73%, indicating that it was a Seller's Market for condominiums in in February 2019 (click on the link learn more about local housing market ratios on the BC Real Estate Association blog).
Please note: If you want the most accurate and up-to-date data on MLS® listing and sales activity for condominiums, you need to speak with a real estate agent.
Condominium Market Changes
Following are some of the highlights for condominiums for sale in in February 2019:
- There were 66 condominium sales in in February 2019 – a decrease of -2.94% over February 2018 and an increase of 26.92% over January 2019
- There were 86 new listings of condominiums in in February 2019 – a decrease of -13.13% over February 2018 and a decrease of -34.85% over January 2019
- The average price of a condominium in in February 2019 was $299,271 – a decrease of -4.55% over February 2018 and a decrease of -7.22% over January 2019
If you're really keen to understand what happened in the market for condominium in in February 2019, make sure you check out the next section.
Detailed Overview of the Market for Condominiums in
Check out the table below for more detailed information on what happened in the condominium market in February 2019 and see how it compares with the previous year and previous month.
Condominium Stats
| Metric | Feb 2019 | Feb 2018 | % Change | Jan 2019 | % Change |
|---|---|---|---|---|---|
| Sales | 66 | 68 | -2.94% | 52 | 26.92% |
| New Listings | 86 | 99 | -13.13% | 132 | -34.85% |
| Active Listings | 222 | 79 | 181.01% | 251 | -11.55% |
| Benchmark Price | $303,100 | $315,900 | -4.05% | $307,100 | -1.30% |
| Median Price | $296,250 | $304,950 | -2.85% | $317,500 | -6.69% |
| Average Price | $299,271 | $313,535 | -4.55% | $322,567 | -7.22% |
Disclaimer
All of the data for the monthly real estate market updates are taken directly from the MLS® statistics packages that the Fraser Valley Real Estate Board publishes every month.
Although rare, errors and omissions may happen from time to time. If you want to be absolutely certain the you have the most accurate data, we encourage you to click on the link to the latest MLS® statistics for the real estate market.
Or, better still, speak directly with a real estate agent who specializes in condominiums who will be able to provide you with the most accurate, up to the minute information on – and insights into – the real estate market.
Some people try to predict which areas are going to grow the fastest and then buy there. You are sort of doing the opposite. You are hearing about population decline, and thinking about avoiding investing there. I think either method is faulty. The trend of rising or falling population may or may not continue. If you are meeting the 1% rule, and there is a military population in the area, I’d be comfortable investing there.