SURREY, BC – Fraser Valley real
estate hit a historical high in March, setting the record for sales processed
in one month since the Fraser Valley Real Estate Board’s (FVREB) inception in
1921.
In March, the FVREB processed
3,006 sales on its Multiple Listing Service® (MLS®), an increase of 62 per cent
compared to March 2015 and 26 per cent more then was processed in February. The
previous record of 2,720 processed sales was set in March of 1991.
Charles Wiebe, President of the
Board, said of this month’s statistics, “This market is uncharted territory for
Fraser Valley real estate. It’s typical for spring to see a jump in activity;
however, March came and went at a break-neck, record-setting pace. I’ve never
seen anything like it.”
“While I’m certainly encouraged
that so many are finding their way to owning a home in the Fraser Valley, I
know that it can also be challenging for first-time homebuyers and those
looking to transition. Talk to a local REALTOR®, and discuss what you want and
what’s possible for you. We can help you get there.”
The Board received 4,057 new
listings in March, an increase of 31 per cent compared to March of last year,
and a 24 per cent increase from February. The total active inventory for March
was 5,485, down 33 per cent from last year’s 8,193 active listings.
Wiebe commented, “This is
typically a busy time of year to buy and sell real estate, and those seeking
homes are hungry to purchase. Unfortunately, inventory is struggling to keep
up. With that said, if you’re thinking of selling your home, I encourage you to
talk to a REALTOR® and consider your current opportunities. The market is in
your favor.”
Across Fraser Valley, the
average number of days to sell a single family detached home in March 2016 was
17 days, compared to 43 days in March 2015.
The MLS® HPI benchmark price of
a Fraser Valley single family detached home in February was $741,000, an
increase of 26 per cent compared to March 2015 when it was $588,500.
In March, the benchmark price of
townhouses was $344,300, an increase of 14.9 per cent compared to $299,700 in
March 2015. The benchmark price of apartments also increased year-over-year by
13.8 per cent, going from $190,800 in March 2015 to $217,200 in March 2016.
