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Am I allowed to say it yet? Well, considering that the Fraser Valley Real Estate Board has admitted that for the second month in a row, sales have hit historical lows, there is no way to ignore it. This is officially a strong buyers market throughout the Fraser Valley. It is interesting the townhomes and apartments are actually trending up, but it is the more expensive single family detached homes that are driving the market downward.


While prices are up in most communities, the numbers show exactly what I have been finding - buyers are out there, but they are hesitant. Properties are taking longer to sell and buyers are starting to look for deals: they know they are in the drivers seat. Sellers are still hesitant to drop prices, but the ones who do are the ones that are selling.


The market cycle is what it is. We are smack in the lag time between when buyers stop buying, forcing a high inventory count and when the prices start correcting. Is this speculation, sure? But it is also common sense. Those in communities that have been already hit and/or never really recovered since 2008 (ie. Abbotsford, Chilliwack) will likely see less impact than those who have held on to strong home sales from 2010-2012 (ie. Langley, Cloverdale).


Granted, September is not a traditionally strong sales month, but there is no way to paint a rosy picture. If you are looking to sell, it might be a good time to give me a call and beat what's left of the higher prices. If you are looking to buy, it is crucial that you have a buyers agent with a strong background in aggressive negotiation to make sure that you take advantage of the buyers market, meanwhile not succumbing to some overpriced properties.


As always, buy when you need to, sell when you need to. If you sell in a hot market, you are likely buying in the hot market. If you sell in a poor market, you are buying in a poor market. It is these transitionary times that it is crucial to have great representation. Buyers shouldn't fear the market, take advantage of it while we still have incredible mortgage rates.

Market Breakdown:

ABBOTSFORD (Detached homes)
Inventory: 11.8 Months (Strong Buyers Market)
Last September: 7.8 Months
Benchmark Price: $425,300 (+2.1% from 2011)

CLOVERDALE (Detached homes)
Inventory: 11.7 Months (Strong Buyers Market)
Last September: 8.3 Months
Benchmark Price: $573,800 (+3.8% from 2011)

LANGLEY (Detached homes)
Inventory: 9.7 Months (Strong Buyers Market)
Last September: 5.1 Months
Benchmark Price: $547,200 (+ 0.6% from 2011)

SURREY CENTRAL (Detached homes)
Inventory: 11.2 Months (Strong Buyers Market)
Last September: 6.7 Months
Benchmark Price: $567,800 (+5.6% from 2011)

Inventory: 8.8 Months (Buyers Market)
Last June: 6.2 Months
Benchmark Price: $875,400 (+3.3% from 2011)

For any additional municipalities or property types, please contact me directly. 604-530-4111 or email bradrichert@macrealty.com

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