The Fraser Valley Real Estate Board reports that April housing sales in the Fraser Valley reached their highest point in ten years
APRIL 2017 STATISTICS REPORT
Sales activity picked up further in April, with the highest number of sales reported in the Fraser Valley in the last ten months.
However, active inventory was the lowest seen for an April in ten years. This lack of supply to meet increasing demand is continuing to result in rising prices in the Fraser Valley.
We need more listings to satisfy the many, many buyers that are currently out there looking.
If you are considering selling or just have questions about the market, please give us a call today and let’s chat.
All Fraser Valley Areas Combined
Abbotsford – Mission – White Rock – Langley – Delta/North – Surrey Central – Cloverdale – Surrey/North
Delta – North
Surrey – Central
Surrey – Cloverdale
Surrey – North
What Does FVREB Have To Say?
Another solid month for Fraser Valley real estate
SURREY, BC – The Fraser Valley real estate market continued to show strength in April, reaching the highest sales level for the region in the past ten months.
The Fraser Valley Real Estate Board processed 2,230 sales of all property types on its Multiple Listing Service® (MLS®) in April, a decrease of 24.9% compared to the 2,969 sales this time last year and a 0.8% increase compared to the 2,213 sales in March 2017.
Of the 2,230 sales processed in April, 438 were townhouses and 567 were apartments.
Gopal Sahota, President of the Board, on the pace of the market in April,
“Growing demand is catching up to the limited inventory we have available currently, and that’s creating a less-than-ideal environment for both buyers and sellers. People want to live in the Valley right now and we need more listings to support that.”
Total active inventory for the Fraser Valley last month was 4,913 listings, the lowest seen for an April in ten years. Inventory levels decreased 13.8% when compared to April 2016, but did increase slightly by 2.2% month-over-month.
The Board received 2,950 new listings in April, a 4% decrease from March 2017, and a 25.2% decrease compared to April 2016’s 3,942 incoming listings.
“Pricing continues to be impacted by the persisting demand for our region. However, there’s lots of opportunity throughout the Valley where homes – especially attached homes – remain affordable and available. Talk to your REALTOR® to see what’s out there, and might be right for you,” added Sahota.
For the Fraser Valley region, the average number of days to sell a single family detached home in April 2017 was 26 days, compared to 15 days in April of last year.
HPI® Benchmark Price Activity
• Single Family Detached: At $888,900, the Benchmark price for a single family detached home in the Valley increased 2.3% compared to March 2017, and increased 14.5% compared to April 2016.
• Townhomes: At $446,000, the Benchmark price for a townhome in the Fraser Valley increased 3.2% compared to March 2017, and increased 26.2% compared to April 2016.
• Apartments: At $285,400, the Benchmark price for apartments/condos in the Fraser Valley increased 3.1% compared to March 2017, and increased 29.8% compared to April 2016.
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