I like to compile my own market statistics so I can get a nice snapshot view rather than dig through pages of multi-layered statistics for every city in the Fraser Valley Real Estate Board. The table below includes average sales price and the number of units sold for detached houses, townhouses and apartment condominiums.
| 2008 Average Prices & Units Sold |
| Houses | Townhouses | Apartments |
| Avg Price | Units Sold | Avg Price | Units Sold | Avg Price | Units Sold |
Jan | $427,880 | 87 | $287,210 | 24 | $206,424 | 53 |
Feb | $466,164 | 106 | $283,508 | 31 | $187,302 | 78 |
Mar | $446,931 | 126 | $312,581 | 29 | $191,739 | 60 |
Apr | $462,195 | 150 | $286,144 | 41 | $204,440 | 82 |
May | $464,102 | 118 | $312,159 | 53 | $202,211 | 70 |
There is some interesting information here. First, prices are still up over this period last year. Houses are up $47,000, townhouses are up $20,000 and apartments are up $17,000. The last few years almost every month had an average sales price higher than the previous month. This year the average has been down then up than down and than up again.
In units sold townhouses and apartments are at the same level as last May. The noticeable difference is in house sales which are down from 176 to 118, a 33% decline.
So where are the best buys? Following the law of supply and demand the best buys are in detached houses. the supply of house is significantly higher than last year and demand is down. The best buys are probably in the $500,000 plus price ranges but that is topic for another posting.