As in Vancouver, the spring market is on fire in the Fraser Valley, as MLS® home sales in March increased 47.5 per cent year over year, according to Fraser Valley Real Estate Board figures released April 2.
Sales rose in every residential property category, and totalled 1,857 homes – also a sharp month-over-month increase, at 38.9 per cent.
Board president Jorda Maisey, said, “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.”
Detached home sales were up 45.8 per cent year over year and 39.7 per cent compared with February. As in Vancouver, this increase was not enough to retain the highest-growth status that was regained last month.
Townhouses rose 47.43 per cent compared with March 2014, but saw a slower growth than detached homes month-over-month with a jump in units sold of 32.7 per cent.
Condos in the Fraser Valley uncharacteristically saw similarly strong growth, selling 40 per cent more units than March 2014 and 52.3 per cent more than in February.
|Mar/Feb 15||Mar 15/14|
|Overall Home Sales||+38.9%||+47.5%|
A total of 2,564 residential properties were newly listed in the Fraser Valley in March. This was 18.8 per cent higher than February, and a 10.4 per cent increase compared with March 2014. Active listings also rose month over month, by 4.9 per cent, but fell year over year by 6.5 per cent.
Across Fraser Valley, the average number of days to sell a detached home in March was 38 days, down from 44 in March 2014. Townhouses on average took 48 days to sell, while Fraser Valley apartments sold on average in 61 days, both on par with March 2014.
Maisey said, “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.
"For buyers looking for a detached home or in certain areas a townhome ... you will have less time to make decisions and their ability to negotiate a lower price for you is diminished. This is not the case if you’re looking to invest in an apartment or an acreage property where the market continues to favour buyers.”
MLS® Benchmark Prices
Combined residential property types rose in price to $442,200, an increase of 2.6 per cent year over year and 1 per cent compared with February.
Detached homes saw the biggest rise in benchmark price last month compared with March 2014, rising 4.5 per cent year over year.
Despite the sharp rise in townhome sales, prices for this property type increased only 0.9 per cent year over year.
Condos in the region continued to fall in price year over year, although benchmark prices for both did increase slightly compared with January.
|Mar 2015||Mar/Feb 2015||Mar 2014/2013|
To see home prices, sales and listings broken down by community, see the FVREB March 2015 statistics package.
- FVREB's overall sales numbers include all types of property listed on the MLS®, including commercial, agricultural and industrial. The statistics given in this article are strictly residential, covering detached houses, townhouses and apartments.
- The Fraser Valley Real Estate Board covers MLS® transactions in Abbotsford, Langley, Mission, North Delta, Surrey and South Surrey White Rock.