Current: Abbotsford is in Buyer Market with average listing inventories, 10 %SOLD rate and a 96% Sell/List Ratio.
(This means that on an average sale there is a $30,500 surplus from the original list price) Lesson
Most Active Range: Homes below $550,000 have a 23.5 %SOLD rate.
Least Active Range: Homes above $1.3 million have a 3.4 %SOLD rate.
History: The Abbotsford Home Price Index HPIp (Top 50%) shows that prices increased $40,031 year-to-date.
The Abbotsford Home Price Index HPIp (Lower 50%) shows that prices increased $6,001 year-to-date.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Abbotsford has average Listing supply; 454 homes are for sale & with the 10 %SOLD monthly rate gives us a ~10 months of inventory. 16% of the active listings have reduced their price by $38,493 on average or $29,000 median in the last month. We project Abbotsford to continue in Buyer Market.
November's Real Estate Statistics shows Vancouver's Detached Markets values experienced an Average Monthly Price decrease of $11,521. This exceeds the $7,184 drop that we saw in the month prior. On Average, the Fraser Valley Market had a $7,425 monthly price decrease. Consumer confidence has been boosted with our new NAFTA trade agreement but offset with the continued, the GM plant shutdown in Oshawa, on tougher mortgage lending rules and pending interest rate increases. We are still forecasting a Buyer's Market across most Detached Markets for the following months.
Currently, the Condo Market continues to present a Cool Market with 87% of the Greater Vancouver (Lower Mainland) now decreasing. At the same time, 89% of Townhouse Markets are decreasing. (25 out of 28 Markets). We are still forecasting a Buyer’s 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.