In the month of October for the Abbotsford real estate market, we continued to see the trend of a buyers market. We had a sell through rate of 8.5%. This means that about 8.5% of all the listings sold over the one month period. We have about 12 months of inventory currently on the market (we usually like to see 3 month or less). This is calculated on trending sales per month and how long it would take to sell current active listings using the per month sales average if no more homes were listed. (eg. 682 actives divided by 58 sales = 11 3/4 months to sell off all properties).
The current average list price $492,000 with the average sale price being $474,000, this equates to about a 4% reduction in price for the home buyer in Abbotsford for those 58 homes that sold in October. That is a fairly substantial rebate off the average list price.
The average time to sell was 66 days which is a fairly consistant number over the previous few months. November and December typically will slow a little bit but there are still those who want to be in new home before Christmas as well as things like job relocations in Abbotsford and those looking to move the kids to new schools over the holidays.
It continues to be a great time to buy a home. Plenty of homes to choose from, lots of room to negotiate and no pressure to overpay. Give me a call for more information.
Below are the homes that sold in Abbotsford for the month of October 2012