The Real Estate market really seems to be on top of everyones mind these days. What with stories out of crazy things happening and prices going nuts it is sometimes tough to tell what is really happening. Like what is happening in your neighbourhood? If you live in the V3G FSA area of Abbotsford, this Housing Market Report is specific to your area.
2015 was definitely an uncommon year in the housing market. We generally saw house values increase by about 11% from December 2014 to December 2015. There were instances of multiple offers as our inventory levels dropped and demand continued. It was becoming more difficult to find the property of your choice that ticked all of your criteria.
Housing Market Summary V3G 2015
Total Houses brought to market – 504
Number of Houses Sold in 2015 – 379
Number of Houses that Remain still for sale – 65
Number of Houses that did not sell – 60
List prices ranged from a low of $268,000 to a high of $3,590,000. The average list price was $643,879 and the median price $585,000.
Sale prices were between $260,000 and $3,300,000 with and average of $596,021 and the median at $561,500.
The average Days on Market or the time it took to sell was down from previous years and is best described by the mean at 27 days.
Projections for 2016
My cracked crystal ball might not be as accurate as I would like these days but when I look at what the BC Real Estate Association predicts for our Housing Market in 2016 I tend to lean toward thinking our market will continue to be active but without the frenetic activity. Their words are “Housing Demand to Remain Elevated through 2016” You can read all about it here. And if you would like an update on the value of your home its easy. Go to http://yourabbotsfordhomevalue.com/ and a free no obligation market update will be delivered to your email inbox.