The benchmark price for an Abbotsford single-family house is once again closing in on $800,000. File photo

Abbotsford house prices on the rebound with more sales, fewer listings

Price of a typical single-family house once again nearing $800,000

Home prices are on the rebound in Abbotsford.

After dropping through the fall of 2019, the benchmark price of a “typical” single-family house in Abbotsford is once again pushing the $800,000 mark, according to the Fraser Valley Real Estate Board (FVREB).

The benchmark price increased to $798,900, that’s higher than last January, although it remains below the high mark set in mid-2018.

Benchmark prices of apartments and townhouses are virtually unchanged from six months ago, with the average townhouse fetching about $380,000 and the typical apartment going for around $312,000. Both those figures are down considerably from the high-water mark in the summer of 2018.

Compared to last January, significantly more houses and townhomes are changing hands, while the inventory has dropped across property classes.

RELATED: CMHC expects housing market to recover in next two years after declines

In January of 2019, 108 homes were sold, while 662 active listings sought buyers. Twelve months later, in January of 2020, 129 homes were sold, but the number of listings had dropped to 584.

That trend has taken place across the Fraser Valley and Greater Vancouver.

“Considering our record‐shattering snow and cold, the pace of home sales remained surprisingly balanced in January,” FVREB president Darin Germyn said in a news release. “Sales in our region have steadily improved since July of last year and January’s numbers remained consistent with that trend.”

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