Slow start to Spring – both in weather and real estate market.

Springtime in the Lower Mainland usually brings sunshine and Buyers and Sellers looking to make a move. And while the number of For Sale Signs are up over last April, the sunshine and Buyers didn't come out as expected. The number of homes listed at the Fraser Valley Real Estate Board (FVREB) in April was 3,429, up 16.2% over April 2017. This helps the low inventory that has been a trend in the Fraser Valley for quite sometime now. There were 1,708 property sales across all property types on the FVREB's Multiple Listing Service. Of those sales 413 were townhomes, 498 were condos and 797 were detached homes. While there is close to a 20% increase in new listings at the FVREB since March 2018, the number of homes selling is down. The homes that are selling, however, are still selling quickly. The average days on market for a condo in April was 14. It took an average of 16 days to sell a townhouse, and 26 days to sell a single family home. The price for each of these three categories is still increasing. This is likely causing the cautious behaviour of the Buyers looking to purchase this spring, waiting to see what happens with home prices. The average cost of a Single Home was up .8 percent since March 2018 coming in at an average of $1,009,200. Townhouses were up 1.5% since last month being sold at an average of $549,900. The benchmark for an apartment in the Fraser Valley increased 1.6% over March 2018 and 45.8% increase since April 2017 selling at an average of $447,500. To read the full statistics package prepared by the FVREB - CLICK HERE