March property sales climb in the Fraser Valley

SURREY, BC – In March, sales on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) reached the highest they’ve been in nine years. The Board processed 1,857 sales, a 47 per cent increase compared to the 1,259
sales in March of last year. Sales during March of 2006 were 2,072.

 “Our population is growing, interest rates continue to remain supportive of housing demand and consumers are
confident. It all adds up to a desire to invest in real estate now.”

In March, the Board processed 11 per cent more new listings compared to March 2014, however higher sales
eroded the number of active listings. March finished with 8,193 active listings of all property types, 7 per cent
fewer than available during the same month last year.

 “It’s important to emphasize that supply and demand vary depending on property type and location.
Currently, demand for single family detached homes is outpacing supply in most Fraser Valley communities
resulting in lower inventory levels, upward pressure on prices and homes selling faster than they did last year.

The MLS® HPI benchmark price of a Fraser Valley single family detached home in March was $588,500, an increase
of 4.5 per cent compared to March 2014 when it was $563,400.

In March, the benchmark price of townhouses was $299,700, an increase of 0.9 per cent compared to $297,100 in
March 2014. The benchmark price of apartments decreased year‐over‐year by 2.4 per cent, going from $195,400
in March 2014 to $190,800 in March 2015.

In March, the average number of days to sell a single family detached home in the Fraser Valley was 38 days, down
from 44 days in 2014. Townhomes took 48 days on average to sell, while apartments took 61 days, both
comparable with March of last year.

Tarlochan Sidhu

Tarlochan Sidhu

CENTURY 21 Coastal Realty Ltd.
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