"A total of 389 sales were processed through Fraser Valley’s MLS® in January, a decrease of 59 per cent compared to 956 sales in January 2008 and comparable to January sales figures last seen in the early 1980s, according to statistics from Fraser Valley Real Estate Board’s Multiple Listing Service." Wow!
Active listings are really high for January.
Months of inventory is sky high to begin the year.
Prices in the Fraser Valley have been dropping now since May 2008 and prices are now back at July 2006 levels.
The correlation between months of inventory and price changes is exceedingly strong through the bust so far.
Stay tuned, more price declines to come.
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