SURREY, BC – While overall market activity slowed slightly in June, apartment sales reached record-breaking levels at 683 transactions for the month.

 

The Fraser Valley Real Estate Board processed 2,571 sales of all property types on its Multiple Listing Service® (MLS®) in June, a decrease of 10.2 per cent compared to the 2,864 sales in June of last year, and a 5 per cent decrease compared to the 2,707 sales in May 2017.

 

At 683 sales, apartment transactions represented 27 per cent of all sales activity in the Fraser Valley in June, increasing 13.1 per cent compared to apartment sales in June 2016 and 12.2 per cent compared to May 2017. The average number of days to sell an apartment in June was 15 days, compared to 32 at this time last year.

 

"We knew that there was a growing appetite for our attached properties, but this month was exceptional," said Gopal Sahota, Board President. “I think one reason demand has continued to be so strong for our region is that we have such diverse, robust inventory to help buyers find the right home even in a more complex market like this one.”

 

Last month the total active inventory for the Fraser Valley was 5,487 listings. Active inventory decreased by 2.2 per cent year-over-year, and increased 5.5 per cent when compared to May 2017.

 

The Board received 3,707 new listings in June, a 0.1 per cent increase from June 2016, and a 0.1 per cent decrease compared to May 2017’s 3,712 new listings.

 

Sahota added, "More and more buyers are looking for affordable entry points in to the Fraser Valley. No matter what you’re trying to sell – from townhomes to ranchers – if it’s priced right, someone will be knocking on your door.”

 

For the Fraser Valley region, the average number of days to sell a single family detached home in June 2017 was 21 days, compared to 17 days in June 2016.

 

HPI® Benchmark Price Activity 


• Single Family Detached: At $934,600, the Benchmark price for a single family detached home in the Valley increased 2.1 per cent compared to May 2017, and increased 8.5 per cent compared to June 2016.

 

• Townhomes: At $467,000 the Benchmark price for a townhome in the Fraser Valley increased 1.8 per cent compared to May 2017, and increased 20.6 per cent compared to June 2016.

 

• Apartments: At $325,300, the Benchmark price for apartments/condos in the Fraser Valley increased 10.3 per cent compared to May 2017, and increased 40.3 per cent compared to June 2016.

 

Full package:


http://www.fvreb.bc.ca/statistics/Package201706.pdf

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Growing sales in Fraser Valley met with bump in new inventory SURREY, BC – 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. In May the total active inventory for the Fraser Valley was 5,203 listings, a decrease of 9.5 per cent year-over-year, and an increase of 5.9 per cent compared to the available inventory in April 2017. The Board received 3,712 new listings in May; a 1 per cent increase from last year’s 3,674 new listing for the month, and a 25.8 per cent increase compared to April 2017’s incoming listings. "We’re very happy to see the bump inventory we were looking for in April. I think sellers will certainly be glad that demand hasn’t let-up since the start of the spring market and more options for potential buyers is always a good thing. ” For the Fraser Valley region, the average number of days to sell a single family detached home in May 2017 was 23 days, compared to 16 days in May 2016. HPI® Benchmark Price Activity

 

• 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.

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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 per cent compared to the 3,006 sales in March of last year, and a 58.5 per cent 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 bourgeoning apartment and townhome 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 per cent month-over-month, and decreased 12.3 per cent when compared to March 2016.


The Board received 3,072 new listings in March, a 41.5 per cent increase from February 2017, and a 24.3 per cent 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 townhome 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 per cent compared to February 2017, and increased 17.3 per cent compared to March 2016.


• Townhomes: At $432,100 the Benchmark price for a townhome in the Fraser Valley increased 2.3 per cent compared to February 2017, and increased 25.5 per cent compared to March 2016.


• Apartments: At $276,900, the Benchmark price for apartments/condos in the Fraser Valley increased 3.7 per cent compared to February 2017, and increased 27.5 per cent compared to March 2016.


Full package:


http://www.fvreb.bc.ca/statistics/Package201703.pdf

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