Current: Abbotsford is in a Seller's Market with average listing inventories, 17 %SOLD rate and a 98% Sell/List Ratio.
(This means that on an average sale there is a $19,900 decrease from the original list price) Lesson
Most Active Range: Homes below $1.1 mill have a 37.6 %SOLD rate.
Least Active Range: Homes above $2.5 mill. have a 1.7 %SOLD rate.
History: The Abbotsford Home Price Index HPIp (Top 50%) shows that prices increased $180,285.
The Abbotsford Home Price Index HPIp (Lower 50%) shows that prices increased $114,386 year-to-date.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Abbotsford has average Listing supply; 320 homes are for sale & with the 17 %SOLD monthly rate gives us a ~7 months of inventory. 5% of the active listings have reduced their price by $49,659 on average and $50,000 on median in the last month. We project Abbotsford to continue in Seller's Market.
Greater Vancouver February 2024:
In Greater Vancouver, the average monthly cost of single-family detached homes has increased by $20,376. This is a substantial recovery from January's $3,444 price increase. Listing inventories are still low; thus, with limited sales, there is enough pressure to push the market upward. This spring, we forecast a seller's market in the Vancouver area.
With an average price increase of $8,951, 72% of condos in Vancouver's condo market are in a seller's market. The average price of townhouses has decreased to $1,247 but will shift to a Buyer's market now.
For the most accurate and up-to-date market trends, join us every Saturday at noon on VancouverMarketReports.com, where we analyze the winners and losers in each Lower Mainland city. For a comprehensive market value update, including forecasts and a thorough analysis of your neighborhood and local market area, please don't hesitate to contact Bill Coughlin and the Coughlin Team at 778-374-3744.
Fraser Valley February 2024:
In Fraser Valley, the average monthly cost of single-family detached homes has increased to $19,686. This is a substantial recovery from January's $1,040 price increase. In the Fraser Valley Area, we forecast a seller's market this spring.
The Fraser Valley's condo market saw an average price increase of $8,223, 92% of the condo markets are in a Seller's Market. Furthermore, the average price of townhouses in the market has increased by $4,856.
For the latest and most accurate market trends, join us every Saturday at noon on VancouverMarketReports.com, where we analyze the performance of winners and losers in each Lower Mainland city. For a comprehensive market value update, including forecasts and a thorough analysis of your neighborhood and local market area, feel free to reach out to Bill Coughlin and the Coughlin Team at 778-374-3744.
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