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Abbotsford Market - June 3, 2008

By
Real Estate Agent with Sutton Group West Coast Realty

One would think from the media that the real estate market is in the dumps. Well it's not. What I'm seeing today is the market I worked in the 1980's and 1990's. Here are few statistics I've gleamed from last months reports for Abbotsford, British Columbia.

Abbotsford houses which averaged $464,102 in April held with a modest increase of 0.4% over April. However the numbers of sales were down significantly from 150 homes sold in April to 118 sold in May.

Abbotsford townhouse prices increased 9.15% from April, $286,144 to May $312,159. The number of sales increased slightly from 41 units sold in April and 53 sold in May.

Abbotsford apartments had a modest decrease, -1.1%, in May with prices declining from $204,440 to $220,211 units sold from 82 in April to 70 in May.

There are currently 905 houses, 175 townhouses and 325 apartments listed for sale in Abbotsford. The current absorption rates are 13% for houses, 22% for apartments and 30% for apartments. Absorption rates tell us how long it will take to sell the entire current inventory. Houses may be in a buyers market but townhouses and apartments are in a balanced market.

I noticed that average number of days that is taking a house to sell today is only a few days more than in 2007. What this tells me is that the homes that are priced to suit the market are selling in a reasonable time period while over priced listings are plugging up the inventory.

Hey! Did you notice that the number of condo sales, townhouses and apartments, was higher than house sales? Bottom line this 2008 year to date is that the numbers of listings are up 20%, sales are down 10% and prices are down 5% on all properties in the Fraser Valley. I'm enjoying being able to show buyers a good selection of homes in Abbotsford this year.

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