Fraser Valley Housing Market Update – May 2014

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Property sales are strengthening in the Fraser Valley housing market, reaching the highest they have been in the last seven years.  The Fraser Valley Real Estate Board (FVREB) have released their May 2014 Statistics package. Below are the key stats from the report:

Key Stats:

  • Property Sales: 1,633 – an increase of 11% compared to April 2014
  • New Listings: 3,218 – an increase of 2% compared to April 2014
  • Active Listings: 9,870 – a decrease of 7% compared to May 2013

Benchmark Prices: 

  • Single Family Detached Home: $566,400 – an increase of 3.1% compared to May 2013
  • Townhouse: $237,300 – a decrease of 0.2% compared to May 2013
  • Apartment: $198,100 – a decrease of 2.3% compared to May 2013

Ray Werger, President of the Board states, “For the second month in a row, we’re experiencing healthy sales volumes with the most popular choice being single family detached homes followed by townhouses. For single family homes, that market is at the upper-end of a balanced market with certain areas in a sellers’ market where over 30 per cent of available inventory is selling.”

“Our home supply is the best it’s been since last fall, with the highest demand for priced-right, quality properties. If your home fits that description, anticipate a lot of interest,” Werger adds.

For the full Fraser Valley housing market update from FVREB, click here.

If you have any questions regarding the above, please give us a call at 604-588-4466 or email us at info@brokersmart.ca