The Fraser Valley Real Estate Board (FVREB) released it's monthly report on Real Estate trends in the Fraser Valley in the month of May. The board processed 1,758 sales across all property types throughout the Valley on it's Multiple Listing Service (MLS) in May 2018. This was a sharp decrease of 35.1 % when compared to May of last year, but up slightly by 2.9% compared to the 1,708 sales in April of 2018.
Of all the Sold Stickers that went up on the For Sale Signs in May, 417 were townhomes, 516 were condos and 825 were detached properties. The attached properties made up a total of 53% of all the sold properties in May.
The number of Active Listings at the Board this May was the highest it has been since September of 2015, sitting at 6,736 listings. That is a 18.9% increase from April 2018 and a 29.5% increase since the same month last year.
The Board President John Barbisan said "This is the most inventory we've had in over two years. Now that the pace of our market has begun to settle, we're seeing more opportunities for buyers and less pressure to make fast decisions. Sales continue to be strong and there's plenty for sellers if they understand the market and price effectively. Consult your local REALTOR for informed perspective on what's happening in your community and what your best options are."
The average number of days to sell an apartment in the Valley was 15, and only 16 for townhouses. A single family detached home sold within 24 days on market, on average.
As for Sold Prices, the average cost of a condo or apartment in May 2018 was $452,900. This is up 1.2 per cent since April 2018, and 42.4% since the same month last year.
The average sold price for a townhouse was up 1 percent since April 2018, and 20.6% since May 2017, coming in at an average of $555,500.
Single Family homes are up a similar percentage of 1.1% since last month, and up 11.6 percent since May 2017, averaging a total of $1,020,800.
To read the full Statistics Package from the Fraser Valley Real Estate Board -
CLICK HERE