Monday, May 7, 2018

Spring listings improved in the Fraser Valley but sales were soft

The spring home buying season in the Fraser Valley was softer in April 2018 than a year earlier.
Despite a rise in inventory, the Fraser Valley Real Estate Board reported 1,708 processed sales, up 2.6% from March but down 23.4% year-over-year.
Townhouses and apartments accounted for 53% of overall sales.
There was a rise in active inventory of 18.2% month-over-month and 15.3% year-over-year to 5,667.
“While it’s great to see the increase in inventory we were looking for, both buyers and sellers remain careful as pricing continues to climb,” said John Barbisan, Board President.
New listings increased by 3,429, a 19.7% month-over-month and 16.2% year-over-year.
“This isn’t the same spring market we saw each of the last two years, but listings that are selling are still going fast,” added Barbisan.
HPI® Benchmark Price Activity
  • Single Family Detached: At $1,009,200, the Benchmark price for a single-family detached home in the Valley increased 0.8 per cent compared to March 2018 and increased 13.5 per cent compared to April 2017.
  • Townhomes: At $549,900, the Benchmark price for a townhome in the Fraser Valley increased 1.5% compared to March 2018 and increased 23% compared to April 2017.
  • Apartments: At $447,500, the Benchmark price for apartments/condosin the Fraser Valley increased 1.6% compared to March 2018 and increased 45.8% compared to April 2017.
REP Canada