Spring Market Kicks in!
Sales were steady across the Fraser Valley in April as buyers took advantage of the continued pause in interest rate hikes.
Last month the Fraser Valley Real Estate Board (FVREB) processed 1,554 sales on MLS, with a slight decrease of 5.1% compared to this time last year.
Narinder Bains, Chair of the FVREB said “with prices remaining strong, we expect to see inventories increase over the coming months as sellers seek to capitalize on price growth after sitting out for so long.”
The Board received 2,478 new listings in April, off by 3.2% compared to March, and down by 31.6% compared to last year. The month ended with a total active inventory of 4,632.
Low inventories helped nudge prices upward with the composite Benchmark price up by 2.8% to $992,000 and single-family detached homes up by nearly four per cent, month-over-month.
Across Fraser Valley in April, the average number of days to sell a single-family detached home was 25 days, townhome was 23 days and apartments took 26 days to sell.
MLS® HPI Benchmark Price Activity
- Single Family Detached: At $1,442,900, the Benchmark price for an FVREB single-family detached home increased 3.8% compared to March 2023 and decreased 17.8% compared to April 2022.
- Townhomes: At $808,000, the Benchmark price for an FVREB townhome increased 1.7% compared to March 2023 and decreased 13.3% compared to April 2022.
- Apartments: At $530,200, the Benchmark price for an FVREB apartment/condo increased 1.6% compared to March 2023 and decreased 9.8% compared to April 2022.
If you have any further questions or would like more information about these Stats, feel free to reach out to us!
Resource: The Fraser Valley Real Estate Board