Fraser Valley Real Estate Board's Market Stats and Trends Package: May, 2007
INCREASE IN SELECTION WELL RECEIVED BY FRASER VALLEY HOMEBUYERS
(Surrey, BC) – Sales and prices remained strong, while new listings climbed during the month of May, according to statistics from the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®).
The total number of sales processed through the MLS® in May was 2,152, a decrease of 4 per cent compared to the same month last year – the highest May on record - when 2,245 sales were processed. This is an increase of 21 per cent compared to last month when 1,781 properties sold in April, 2007.
May’s increase in new listings at 3,691 was the second highest influx of new inventory on record for the Fraser Valley Board’s MLS®. New listings increased by 34 per cent compared to the same month last year taking the number of active listings in May to 8,381, an increase of 52 per cent compared to the 5,496 active listings in May of 2006.
“When you compare this spring’s increase in new listings to other similar periods historically, what’s most notable is the strength in sales right now," says Kelvin Neufeld, President-elect of the Fraser Valley Real Estate Board. “Buyers obviously wanted more selection in the Fraser Valley and they’re responding, which is why sellers continue to get an excellent return.”
In May, the average price of a single-family detached house in the Fraser Valley was $521,444, an increase of 12.6 per cent compared to the same month last year when the average price was $463,100.
The average prices of townhomes and apartments both rose 13.9 per cent in one year. The average townhome price in May 2007 was $331,476 compared to $291,079 in May of last year. The average apartment price in May 2007 was $218,371 compared to $191,671 the same month last year.
“With the increase in competition, accurate pricing becomes even more important,” says Neufeld. “In May, Fraser Valley REALTORS® helped their clients achieve very close to list price with an average listing to sale price ratio of 98 per cent for residential homes.”
The Schacter Team - Langley Real Estate