The Fraser Valley real estate market enjoyed a 12 percent increase in sales this past March compared to sales during March of last year. Continuing the trend set so far this year, March also showed a 14% increase in sales compared to February 2014.
New listings on the Board increased 2 percent to 2,799, compared to the 2,736 new listings from March 2013. Total active listings in March were 8,763, an 8 percent decrease from the same time last year.
In particular, the demand for single family detached homes increased, with Ray Werger, President of the Board, saying, “Sales [of detached homes] were noticeably higher in North Delta, Mission and Langley compared to last year…Our main buyers are families looking for the best value possible by taking advantage of continuing low interest rates and stable home prices.”
In March, the Fraser Valley’s sales‐to‐active‐listings ratio (a comparison of sales to inventory that measures the health of the market) was 18 percent for residential property types, indicating stability in the marketplace.
Werger stressed, however, that the real estate market is very location specific, adding, “What’s happening in the Fraser Valley housing market in general may or may not be happening to the market for your home. Contact your local REALTOR® for detailed market information by community, neighbourhood and property type.”