May's "Healthy Sales Volumes"
May’s property sales in the Fraser Valley reached the highest they’ve been in seven years, with the Fraser Valley Real Estate Board posting 1,633 sales on its Multiple Listing Service (MLS®). This represents an 18 percent increase compared to the same time last year, and 11 more than in April 2014.
Ray Werger, President of the Board, says, “For the second month in a row, we’re experiencing healthy sales volumes with the most popular choice being single family detached homes followed by townhouses.” He adds, “Last month in the Fraser Valley, 60 per cent of our residential sales were single family detached homes and we’re starting to see that preference reflected in prices. Prices are up three per cent over the past year, even higher in the most sought‐after communities and most of that increase has taken place in the last six months.”
The benchmark price as determined by the MLS® Home Price Index (MLS® HPI) of a single family detached home in the Elgin Chantrell neighbourhood increased 0.47 percent from April, coming in at $1,413,600 in May.
In May, new listings in the Fraser Valley were 3,218, an increase of 2 percent compared to April. This brought the total number of active listings to 9,870, a decrease of 7 percent compared to the same time last year.
Werger says, “Our home supply is the best it’s been since last fall, with the highest demand for priced‐right, quality properties.” The key, as always, is ensuring the right price for your specific home and market.