Current: Abbotsford is in Buyer Market with average listing inventories, 10 %SOLD rate and a 98% Sell/List Ratio.
(This means that on an average sale there is a $18,500 surplus from the original list price) Lesson
Most Active Range: Homes between $550,000 - $675,000 have a 31.7 %SOLD rate.
Least Active Range: Homes between $950,000 - $1.3 million have a 4.1 %SOLD rate.
History: The Abbotsford Home Price Index HPIp (Top 50%) shows that prices increased $48,967 year-to-date.
The Abbotsford Home Price Index HPIp (Lower 50%) shows that prices increased $25,000 year-to-date.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Abbotsford has average Listing supply; 504 homes are for sale & with the 10 %SOLD monthly rate gives us a ~10 months of inventory. 18% of the active listings have reduced their price by $31,418 on average or $25,000 median in the last month. We project Abbotsford to continue in Buyer Market.
September's Real Estate Statistics shows 62% of Vancouver's Detached Markets values experienced an Average Monthly Price decrease of $9,914. As a whole, this marks an improvement from the $26,380 drop that we saw in the month prior. On Average, Single Family Homes in Fraser Valley experienced an Average Monthly Price decrease of $7,980 which is less than the price drop of $14,299 that we saw in the month prior. Consumer confidence has been boosted with our new NAFTA trade agreement, but offset with the continued tougher mortgage lending rules and pending interest rate increases. We are still forecasting a Buyer's Market across most Detached Markets for the following month.
Currently, the Condo Market continues to present a Cool Market with 63% of the Greater Vancouver (Lower Mainland) now decreasing. At the same time, 86% of the Townhouse Markets are decreasing. (24 out of 28 Markets). Both Markets indicate a Buyer's "Taking a Rain check" behavior for the last 2 quarters. We are still forecasting a Buyers Market in all Condo/Townhouse Markets for the foreseeable future. We analyze and provide 97 individual City's Home Price Indexes to supply you the MOST ACCURATE Market Trends every 2 weeks. Please contact us for your own Market Value Update with an in-depth Analysis and Forecast in your Local Market Area and more specifically - Your Neighborhood.