The Fraser Valley Real Estate Board reports that March housing sales in the Fraser Valley reached their second highest point in ten years

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MARCH 2017 STATISTICS REPORT

The Fraser Valley Real Estate Board reports that Sales in the Fraser Valley reached their second highest point in ten years, only surpassed by the craziness of March 2016.  Townhouses and condos continue to be the hottest markets, as inventory levels still remain very low.  Sales have picked up in all areas though, as the Spring Market is in full swing.  Contact us with your questions or to discuss in more detail.

If you are considering selling or just have questions about the market, please give us a call today and let’s chat.

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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

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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

What Does FVREB Have To Say?

Attached home sales thrive as overall inventory remains scarce

SURREY, BC – Propelled by significant activity in attached categories, March housing sales in the Fraser Valley reached their second highest point in ten years, trailing only last year’s extraordinary market levels.

The Fraser Valley Real Estate Board processed 2,213 sales of all property types on its Multiple Listing Service® (MLS®) in March, a decrease of 26.4% compared to the 3,006 sales in March of last year, and a 58.5% increase compared to the 1,396 sales in February 2017. Of the 2,213 sales processed last month, 526 were townhouses and 638 were apartments, representing over half of the region’s total sales of all property types for the seventh straight month.

“Inventory levels aren’t where we’d like them to be, especially with demand picking up as we move deeper into the spring season,” said Gopal Sahota, Board President. “However, that being said, it’s great to see more buyers turning to our burgeoning apartment and town home markets and taking some of the pressure off of detached homes.”

Last month the total active inventory for the Fraser Valley was 4,808 listings, the lowest level seen for a March in ten years. Active inventory increased by 3.5% month-over-month, and decreased 12.3% when compared to March 2016.

The Board received 3,072 new listings in March, a 41.5% increase from February 2017, and a 24.3% decrease compared to March 2016’s 4,057 new listings. “We’ve never seen sales like this for our attached category homes.

Whereas buyers may have had a more relaxed experience looking for a town home a few years ago, things have certainly changed: competition is up, and listings are moving fast”, added Sahota.

“Talk to your REALTOR® to help you understand what’s happening in your community. The support of a local expert goes a long way when navigating a busy spring market here in the Valley.”

HPI® Benchmark Price Activity

• Single Family Detached: At $869,000, the Benchmark price for a single family detached home in the Valley increased 1.1% compared to February 2017, and increased 17.3% compared to March 2016.
• Town homes: At $432,100 the Benchmark price for a town home in the Fraser Valley increased 2.3% compared to February 2017, and increased 25.5% compared to March 2016.
• Apartments: At $276,900, the Benchmark price for apartments/condos in the Fraser Valley increased 3.7% compared to February 2017, and increased 27.5% compared to March 2016.

Full package: https://www.fvreb.bc.ca/statistics/Package201703.pdf

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