Market Stats and Trends April/06
STEADY SALES, SHORT ON INVENTORY IN THE FRASER VALLEY
(Surrey, BC) – The demand for homes in the Fraser Valley remained strong in April with sales on the Multiple Listing Service® (MLS®) dipping only slightly compared to last year which posted the highest sales on record. The Fraser Valley Real Estate Board reports 1,875 sales in April, a decrease of 3 per cent compared to 1,937 sales in April 2005.
The number of new listings posted on the MLS® in April decreased by 8 per cent compared to last year and the overall number of active listings also decreased by 18 per cent. Active listings closed at 5,130 compared to 6,256 in April 2005. Last month was the eleventh month in a row to show a decrease in the number of active listings.
Fraser Valley’s president David Rishel says the strong demand and short supply is also reflected in how quickly properties are selling, “Last April it took on average 50 days to sell a single family home and 35 days to sell a townhome in the Fraser Valley. We thought that was fast. This April, it’s down to 38 days on average to sell a house and only 27 days for a townhome.”
The president adds, “In this highly competitive market, the knowledge and experience of a real estate professional can make the difference between getting or not getting the home you want.” Prices continue to reflect the strong demand for Fraser Valley homes with all three main residential categories showing increases of 20 per cent or greater in one year. The average price of a single-family detached house was $454,830 in April, an increase of 20.6 per cent compared to last year’s $377,088.
Townhouse averages increased by 20.0 per cent, selling for $283,740 last month, compared to $236,523 in April 2005. Apartments sold for on average 28.1 per cent more last month compared to one year ago, going from $148,401 in 2005, to $190,093 in 2006.
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