April proved to be an encouraging month in the Fraser Valley housing market, with the president of the Fraser Valley Real Estate Board, Ray Werger, saying “There’s a lot of optimism right now. It will take a few more months of numbers, but our 2014 market is already on track to outperform last year.”
The Board’s total number of sales in April increased by 8 percent compared to the same time last year, and increased by 17 percent compared to March. At the same time, new listings increased 7 percent compared to April 2013, and 13 percent compared to the previous month.
The ratio between sales and active listings in April was 21 percent for single family detached homes and townhomes, which is the highest that it’s been in the last three years. This ratio means that for every 100 homes on the market, 21 of them sold. It is used to gauge the health of the market, and, at 21 percent, Werger states “That’s a strong, balanced market.”
The number of days on average to sell a detached home in the Fraser Valley was 43, which is four days faster than at the same time last year.
Specifically in the Elgin Chantrell neighbourhood in South Surrey / White Rock, the MLS® Home Price Index benchmark price of a single family detached home rose slightly to $1,407,000, a 0.21 percent increase from last month.
If you wish to discuss the market further, or wish to talk about listing, please don’t hesitate to contact me.
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