The Fraser Valley Real Estate Board released their MLS statistics for March, and for every community except for Abbotsford, there are encouraging signs of a sellers market and upward pressure on prices heading into the spring market.
Overall, the sales in the region are up by 11.6% compared to March of 2013, the number of active listings is down by 7.8% and the average sale price is up by 4.9% compared to March of 2013. Compared to last year, year-to-date sales are up by almost 18%. The best performing regions for March were Surrey-Cloverdale and Langley with 6.4% and 6.0% increases in the benchmark prices, respectively.
The determination of a buyers or sellers market is measured largely by supply and demand of housing. When there is less housing available to buy, and more sales (meaning more buyers) it will result in upward pressure on prices.
While statistics can have a certain margin of error in determining the exact status of the same house now compared to a year ago, the large numbers will typically actor out the extreme cases of price variation.
For home owners, particularly those looking to sell their homes, this indicates a good time ahead to get a good value for your home approaching the busy spring and summer real estate markets. For everyone, a strong real estate market with appreciating values are always desirable as once the home is purchased, the trend of value increase should continue.
The Abbotsford real estate market appears to be the lone exception to the strong Fraser Valley real estate market, and slightly skews the positive overall numbers for the rest of the region with the average price down 5.6% from March 2013. On a positive note, the benchmark price for Abbotsford is up 1.9%. Active listings being down 26.7% from last year is also a positive sign that a balanced market in Abbotsford will soon follow.
As always, real estate continues to be a solid long-term investment for the average Canadian family. It is important to work with a good realtor to help you find the best deal on a home that meets your needs. I live in Surrey and I work here, and am an expert in real estate in the Fraser Valley. I can help you find just the right home for your needs, and my mortgage partner can help you with finding a mortgage lender with the best mortgage rates to help you qualify. Whether you are buying a home or selling your home, contact me today and I will help you get the best deal possible.