SURREY, BC – Consumer demand for
real estate in the Fraser Valley continued through May, with overall sales once
again reaching record-breaking numbers for the month historically.
The Fraser Valley Real Estate
Board processed 2,911 sales on its Multiple Listing Service® (MLS®) in May, an
increase of 47.8 per cent compared to May 2015. The previous record for sales
processed in a May was set in 2006 at 2,245. However, sales dropped two per
cent when compared to April 2016, continuing a slight trend of easing off since
sales peaked this spring at 3,006 sales in March.
Of the 2,911 sales processed in
May, 615 were townhouses and 557 were apartments, representing a significant
portion of May’s market activity and a large increase when compared to May
2015. Townhome transactions increased 56.1 per cent when compared to last year,
and apartments reached even higher levels seeing a 112.6 per cent gain.
Charles Wiebe, President of the
Board, said of this month’s market data, “Demand is tremendous, still, for
detached homes in our region, but it’s encouraging to see that the upward pace
of that demand is leveling off.
"However, we’re also seeing
the ripple effects as consumers are looking to townhomes and apartments in
record numbers. This year, so far, is the busiest those markets have ever
been.”
The Board received 3,674 new
listings in May, an increase of 22.9 per cent compared to May of last year, and
a 6.8 per cent decrease from April 2016. The total active inventory for May was
5,752, down 32.4 per cent from last year’s 8,512 active listings.
Across Fraser Valley, the
average number of days to sell a single family detached home in May 2016 was 16
days, compared to 31 days in May 2015.
The MLS® HPI benchmark price of
a Fraser Valley single family detached home in May was $834,200, an increase of
38.3 per cent compared to May 2015 when it was $603,100.
In May, the benchmark price of
townhouses was $365,000, an increase of 20.4 per cent compared to $303,100 in
May 2015. The benchmark price of apartments also increased year-over-year by 17
per cent, going from $192,500 in May 2015 to $225,200 in May 2016.
