Fraser Valley home sales continue to soar in May, rising nearly 23 per cent year over year, although they softened compared with the record-breaking April, according to Fraser Valley Real Estate Board (FVREB) figures published June 2.
Sales in the region totalled 1,743, and rose on a year-over-year basis in every property category, with single-family homes continuing to see the highest growth, in both sales and price rises.
However, condos were the only property type to see month-over-month growth in sales, due to increasing inventory, according to the board.
Jorda Maisey, FVREB president, said, “Home sales in the Fraser Valley maintained a strong pace in May; however, we noticed a slight shift in the market. In certain areas, we saw interest in higher-end detached homes pick up while demand for attached homes, which typically appeal to first-time buyers, decreased.
“The result is that the selection of apartments in the Fraser Valley improved in the last month, creating greater opportunities for buyers. Inventory of detached homes and townhomes remains tight, keeping the market elevated.”
Sales and Listings
Single-family detached home sales increased 27.7 per cent compared with last May, although they were down 0.6 per cent on April’s figures.
Townhouse sales increased 20.9 per cent year over year, and saw the largest month-over-month decrease at 9.4 per cent.
Fraser Valley condos sales increased 7.8 per cent year over year and 1.5 per cent compared with April.
Fraser Valley: What's Up, What's Down May/Apr 15 May 15/14 Overall Home Sales -2.4% +22.8% - Detached -0.6% +27.7% - Townhouse -9.4% +20.9% - Apartment +1.5% +7.8% New Listings -7.6% -6.8% Active Listings +0.5% -18.2%
Listings continued to lag increasing demand, with new listings down nearly 7 per cent over May last year, and total listings down more than 18 per cent year over year, almost entirely led by drops in detached home and townhouse listings. This has pushed up the benchmark prices for single-family homes and townhouses in May.
However, new condo listings increased both year over year and month over month. Total condo listings were down 3 per cent compared with last May, but condos were the only property type to increase total inventory compared with April, rising 4.2 per cent.
This is creating dual-market conditions, according to the board.
Maisey said, “It may help consumers to understand that over half the housing inventory in the Fraser Valley is attached homes, either condos or townhomes, while 60 per cent of all home sales are for single-family detached.
“That means what buyers and sellers are experiencing is effectively two markets: a sellers’ market for detached homes and townhomes, and a balanced or buyers’ market, depending on the location, for apartments.”
MLS® Benchmark Prices
Detached home benchmark prices again saw the biggest year-over-year growth in the region, rising to $603,100, a jump of 6.5 per cent compared with May last year.
In spite of high demand, benchmark townhome prices continued to rise only modestly, increasing less than 2 per cent on a yearly basis to $303,100 across the Fraser Valley.
The benchmark price of a Fraser Valley condo continues to fall, due to the slower sales activity, dropping 2.8 per cent year over year to $192,500.
Fraser Valley MLS® Benchmark Prices, % Change May 2015 May/Apr 2015 May 2015/2014 -Detached $603,100 +1.3% +6.5% -Townhouse $303,100 +0.9% +1.9% -Apartment $192,500 +0.7% -2.8%
To see home prices, sales and listings broken down by community, see the FVREB May 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.
