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“Buyers are continuing
to find opportunities in the Fraser Valley, even in the face of lower
inventories,” said Narinder Bains, Chair of the Fraser Valley Real Estate
Board. “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.”
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The Board received
2,478 new listings in April, off by 3.2 per cent compared to March, and
down by 31.6 per cent compared to last year. The month ended with a total
active inventory of 4,632, a 2.2 per cent increase over March, and 14 per
cent less than April 2022.
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“Our members are
starting to see a rise in multiple offers on properties as the spring
market kicks in,” said Board CEO, Baldev Gill. “With the heightened
activity, many homeowners are asking: is now the right time to buy or
sell? There is no simple — or single — answer to this question, but a
wise first step would be to consult with a professional REALTOR® to
determine the best path to meet your personal objectives.”
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Low inventories helped
nudge prices upward with the composite Benchmark price up by 2.8 per cent
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 and a townhome was 23 days. Apartments took, on average,
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 per cent compared to March 2023 and decreased 17.8 per
cent compared to April 2022.
- Townhomes: At $808,000, the
Benchmark price for an FVREB townhome increased
1.7 per cent compared to March 2023 and decreased 13.3 per cent
compared to April 2022.
- Apartments: At $530,200, the
Benchmark price for an FVREB apartment/condo
increased 1.6 per cent compared to March 2023 and decreased 9.8 per
cent compared to April 2022.
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