Blog

<<< back to article list

MARKET UPDATE MAY 2017


Blog by Monica Dabrowski | June 5th, 2017


Growing Sales in the Fraser Valley with an Increase in New Inventory

Market Update: The Fraser Valley saw a much-needed increase to new housing inventory entering the market in May, supporting growing demand for residential properties in the region. Last month marked the highest level of sales for the Fraser Valley since June of last year, and the second-highest level for a May historically.

The Fraser Valley Real Estate Board processed 2,707 sales of all property types on its Multiple Listing Service® (MLS®) in May, a decrease of 7 per cent compared to the 2,911 sales in May of last year, and a 21.4 per cent increase compared to the 2,230 sales in April 2017.

Of the 2,707 sales processed last month, 620 were townhouses and 609 were apartments. Attached home sales combined continued the 10-month trend of surpassing detached sales in the region.

“The further we get into this year’s market, the less 2016 looks like an anomaly in terms of demand and sales activity. If it wasn’t clear before, the Fraser Valley is now a prime, highly sought-after destination for home owners of all types," said Gopal Sahota, Board President.”

View the full statistics package from the FVREB here.

thumb
Single Family Detached
At $915,800, the Benchmark price for a single family detached home in the Valley increased 3 per cent compared to April 2017, and increased 9.8 per cent compared to May 2016.

Townhomes
At $458,900 the Benchmark price for a townhome in the Fraser Valley increased 2.9 per cent compared to April 2017, and increased 25.7 per cent compared to May 2016.

Apartments
At $295,000, the Benchmark price for apartments/condos in the Fraser Valley increased 3.4 per cent compared to April 2017, and increased 31 per cent compared to May 2016.

thumb

Stay tuned for more real estate market updates. Follow us on Facebook and read our Blog for the latest market updates as they come!