With home prices stagnant or declining, some buyers are now considering entering the market, the Fraser Valley Real Estate Board said. But Abbotsford doesn’t yet appear to be a “buyers market.”
This May was the slowest for sales of single-family houses in Abbotsford in more than six years, but buyers continue to snap up townhouses and apartments. And although prices are down across the board from last year, realtors say they have stabilized.
The benchmark price (which reflects the perceived value of a “typical” home) of a single family home has declined four per cent from last May, to $803,300. That’s down from $836,600 last year. The benchmark was down 0.3 per cent from April.
Townhouse prices have declined a similar percentage – going from $395,300 to $378,800 – but rose marginally from this April. Apartment prices have decreased the most, with the benchmark falling about 10 per cent from $353,400 to $317,500. The benchmark fell another per cent between April and May.
Still homes in Abbotsford appear to be moving quicker than in many places of the Fraser Valley. Across the region, the sales-to-listings ratio was 18 per cent, while in Abbotsford, the ratio was 24 per cent. A ratio above 20 per cent typically defines a “sellers’ market.”