Fraser Valley real estate flattens out

The Fraser Valley's real estate market flattened out in May with sales down from the same month a year ago, listings up substantially and average prices that have essentially flat lined.

METRO VANCOUVER — The Fraser Valley's real estate market flattened out in May with sales down from the same month a year ago, listings up substantially and average prices that have essentially flat lined.

The valley saw 1,477 sales through the Multiple Listing Service in May, down two per cent from May 2009 and down almost 18 per cent from April. New listings of 3,457 homes for sale topped May of 2009 by 23 per cent.

And the May average price for a Fraser Valley home of $452,039 was almost 11 per cent higher than May of a year ago, but just 0.8 per cent higher than April.

Fraser Valley board president Deanna Horn said May sales were 16 per cent below the board's 10-year average for sales in May, but still represented solid activity.

“Slower, yes, but steady,” Horn said in a news release.

“What's changed most is the increase in inventory,” Horn said. “The last time this many homes were available on Fraser Valley's MLS in May was 1995.”

She added that it means sellers need to get good advice about pricing “is crucial in a competitive market.”

The Fraser Valley's total inventory stood at 11,411 unsold homes in May, up almost 14 per cent from the same month a year ago and up 7.3 per cent from April.

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