SURREY, BC – The increase in home sales in the Fraser Valley in May compared to April is thanks to renewed interest in single family detached homes. Although total market activity remained well below historical norms – 18 per cent below the 10-year average – the sale of detached homes increased by 14.9 per cent in one month.
The Fraser Valley Real Estate Board processed 1,517 sales of all property types on its Multiple Listing Service® (MLS®) in May, a 9.7 per cent increase compared to sales in April 2019, and a 13.7 per cent decrease compared to the 1,758 sales in May of last year.
In looking at the three main residential property types, detached homes garnered 41.2 per cent of the market in May, up from 39.4 per cent in April. Attached homes garnered 58.8 per cent in May, compared to 60.6 per cent in April.
Darin Germyn, President of the Board, said of the market: "Buyers are recognizing that in the last three months, home prices have stopped declining and that in order to take advantage of the improvement in prices over the past year, now is a great time to consider making the purchase they held off on in the previous months.
"We're seeing buyers who have been waiting on the sidelines, act, because of better price opportunities and more selection. It's been four years since buyers had this much choice in the Fraser Valley."
There were 8,506 active listings available in the Fraser Valley at the end of May, an increase of 26.3 per cent compared to May of last year and an increase of 8.1 per cent compared to April 2019.
The Board received 3,542 new listings during the month, a 4.5 per cent increase compared to April 2019's intake of 3,391 new listings and a 10.7 per cent decrease year-over-year.
"Key to this market is pricing," continued Germyn. "We empathize with our clients on the challenges they face today to qualify to buy a home and we work with them to find the right property at a realistic price they can afford."
HPI® Benchmark Price Activity
- Single Family Detached: At $964,200, the Benchmark price for a single family detached home in the Fraser Valley remained unchanged compared to April 2019 and decreased 5.9 per cent compared to May 2018.
- Townhomes: At $522,500 the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley increased 0.1 per cent compared to April 2019 and decreased 5.9 per cent compared to May 2018.
- Apartments: At $416,800, the Benchmark price for apartments/condos in the Fraser Valley decreased 0.9 per cent compared to April 2019 and decreased 8.0 per cent compared to May 2018.