Market Report for March 2018 – Spring is Here! But where are the listings?

The monthly report from the Fraser Valley Real Estate Board (FVREB) has been released today. The trend of low inventory has continued along into March, putting increased pressure on those looking to purchase a home. The lack of supply has seen another spike in the demand for attached properties such as townhomes and apartments. The FVREB saw 1,664 home sales in the third month of the year, 410 of those sales were townhouses and 460 were condos, making up 52% of the total transactions at the board in March. When compared to February 2018, this month saw an increase of active listings by 10.5% when compared month-to-month. With March being the usual kickoff to the busy Spring Real Estate Market, the continued lack of inventory seems to be delaying the kick off of the busy season. Prices, however, seem to be staying stable in the region. The average number of days on market has also remained relatively similar. It took an average of 13 days to sell an apartment, 16 for townhouses and 30 for detached homes during the month of March. The average cost of a Single Family Detached Home was up .9% compared to February 2018 at $1,001,400. That is up 15.2% since March of 2017. Townhomes are up 24.9 percent over March 2017, sold on average at $541,800 last month. That is up 2 percent since last month. Apartments and Condos have seen one of the largest increases - an incredible 48% increases in the average cost since March of 2017. The category is also up another 4.3% since February 2018. The average cost for an apartment in the Fraser Valley is now $440,400.   To read the full statistics package from the FVREB CLICK HERE