The Fraser Valley stepped towards a more balanced market in May
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May 2018 STATISTICS REPORT
Fraser Valley Real Estate Report
May brought a more balanced market in the Fraser Valley region. Both sales and overall inventory reached their highest points for the year, with inventory reaching its highest level in two years. There were 1,758 sales processed by the Fraser Valley Real Estate board in May, which is a decrease of 35.1% compared to May 2017’s 2,707 sales. Sales were up 2.9% in May when compared with April 2018’s 1,708 sales. We are still seeing the attached market representing a large part of the market, accounting for 53% of all the transactions in May. 417 of the sales were townhomes and 516 were apartments.
See Listed Properties in Langley BC
Active inventory in May reached its highest level since September 2015. May finished with 6,736 listings, showing a 29.5% increase when compared to May 2017. This higher level of active inventory will bring some relief to buyers, increasing their choices, as well as giving them more time to make decisions about a property.
Homes sales in the Fraser Valley region are still strong with apartments selling on average in 15 days and townhomes selling in 16 days. Detached homes remain on market for an average of 24 days before selling.
If you were previously priced out of the market, lost out in multiple offers, or just wanted more time to make a decision about purchasing a home, now is your time. Please give us a call and let us help you find your dream home.
If you are considering selling, buying or just have questions about the market, please give us a call today and let’s chat.
See last months statistics –>> https://schreders.ca/fraser-valley-real-estate-market-april-2018/
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All Fraser Valley Areas Combined
Abbotsford – Mission – White Rock – Langley – Delta/North – Surrey Central – Cloverdale – Surrey/North
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Abbotsford
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Mission
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White Rock / South Surrey
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Langley
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Delta – North
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Surrey – Central
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Surrey – Cloverdale
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Surrey – North
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What Does The Fraser Valley Real Estate Board Have To Say?
Fraser Valley market finds comfortable pace in May as inventory reaches highest level in two years
SURREY, BC – The Fraser Valley stepped towards a more balanced market in May, with both sales and overall inventory reaching their highest points for the year.
The Fraser Valley Real Estate Board processed 1,758 sales of all property types on its Multiple Listing Service® (MLS®) in May, a decrease of 35.1 per cent compared to the 2,707 sales in May of last year, and a 2.9 per cent increase compared to the 1,708 sales in April 2018.
Of the 1,758 sales processed last month 417 were townhouses and 516 were apartments, together representing 53 per cent of all transactions in May.
Active inventory for the Fraser Valley finished at 6,736 listings last month, the highest level since September 2015, increasing 18.9 per cent month-over-month and 29.5 per cent when compared to May 2017.
“This is the most inventory we’ve had in over two years,” said John Barbisan, Board President. “Now that the pace of our market has begun to settle, we’re seeing more opportunities for buyers and less pressure to make fast decisions.”
The Board received 3,965 new listings in May, a 15.6 per cent increase from April 2018’s 3,429 new listings, and a 6.8 per cent increase compared to May 2017.
“Sales continue to be strong and there’s plenty of potential for sellers if they understand the market and price effectively. Consult your local REALTOR® for informed perspective on what’s happening in your community and what your best options are.”
For the Fraser Valley region the average number of days to sell an apartment in May was 15, and 16 for townhomes. Single family detached homes remained on the market for an average of 24 days before selling.
HPI® Benchmark Price Activity
- Single Family Detached: At $1,020,800, the Benchmark price for a single family detached home in the Valley increased 1.1 per cent compared to April 2018, and increased 11.6 per cent compared to May 2017.
- Townhomes: At $555,500, the Benchmark price for a townhome in the Fraser Valley increased 1 per cent compared to April 2018, and increased 20.6 per cent compared to May 2017.
- Apartments: At $452,900, the Benchmark price for apartments/condos in the Fraser Valley increased 1.2 per cent compared to April 2018, and increased 42.4 per cent compared to May 2017.
Find the May Statistics Package PDF here.
Get The Full Monthly Statistics Package
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