{"id":9375,"date":"2018-06-05T08:08:37","date_gmt":"2018-06-05T15:08:37","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9375"},"modified":"2018-06-05T09:19:34","modified_gmt":"2018-06-05T16:19:34","slug":"fvreb-market-finds-comfortable-pace-in-may-as-inventory-reaches-highest-level-in-2-years","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/06\/fvreb-market-finds-comfortable-pace-in-may-as-inventory-reaches-highest-level-in-2-years\/","title":{"rendered":"FVREB Market Finds Comfortable Pace in May as Inventory Reaches Highest Level in 2 Years"},"content":{"rendered":"

SURREY, BC \u2013 The Fraser Valley stepped towards a more balanced market in May, with both sales and overall inventory reaching their highest points for the year.<\/p>\n

The Fraser Valley Real Estate Board processed 1,758 sales of all property types on its Multiple Listing Service\u00ae (MLS\u00ae) in May, a decrease of 35.1% compared to the 2,707 sales in May of last year, and a 2.9% increase compared to the 1,708 sales in April 2018.<\/p>\n

Of the 1,758 sales processed last month 417 were townhouses and 516 were apartments, together representing 53% of all transactions in May.<\/p>\n

Active inventory for the Fraser Valley finished at 6,736 listings last month, the highest level since September 2015, increasing 18.9% month-over-month and 29.5% when compared to May 2017.<\/p>\n

\u201cThis is the most inventory we\u2019ve had in over two years,\u201d said John Barbisan, Board President. \u201cNow that the pace of our market has begun to settle, we\u2019re seeing more opportunities for buyers and less pressure to make fast decisions.\u201d<\/p>\n

The Board received 3,965 new listings in April, a 15.6% increase from April 2018\u2019s 3,429 new listings, and a 6.8% increase compared to May 2017.<\/p>\n

\u201cSales continue to be strong and there\u2019s plenty of potential for sellers if they understand the market and price effectively. Consult your local REALTOR\u00ae for informed perspective on what\u2019s happening in your community and what your best options are.\u201d<\/p>\n

For the Fraser Valley region the average number of days to sell an apartment in May was 15, and 16 for townhomes. Single family detached homes remained on the market for an average of 24 days before selling.<\/p>\n

HPI\u00ae Benchmark Price Activity<\/strong><\/p>\n

\u2022 Single Family Detached : At $1,020,800, the Benchmark price for a single family detached home in the Valley increased 1.1% compared to April 2018, and increased 11.6% compared to May 2017.
\n\u2022 Townhomes : At $555,500, the Benchmark price for a townhome in the Fraser Valley increased 1% compared to April 2018, and increased 20.6% compared to May 2017.
\n\u2022 Apartments : At $452,900, the Benchmark price for apartments\/condos in the Fraser Valley increased 1.2% compared to April 2018, and increased 42.4% compared to May 2017.<\/p>\n

Click here<\/a> to view the May statistics package.<\/p>\n","protected":false},"excerpt":{"rendered":"

SURREY, BC \u2013 The Fraser Valley stepped towards a more balanced market in May, with both sales and overall inventory reaching their highest points for the year. 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