The Fraser Valley real estate market saw 1,435 sales in April, up 1.6 per cent from March, but 5.3 per cent off the frenetic pace of April 2011.
April sales reflected what's happening in the Greater Vancouver real estate market: detached houses in the most expensive areas took the biggest hits. In the Fraser Valley Real Estate Board (FVREB), that means South Surrey/White Rock, where sales dropped 46.3 per cent from last April.
Interestingly, townhouse and apartment sales slowed more than sales of detached houses in most areas.
What's Up, What's Down - At a Glance Apr 2012/Mar 2012 Apr 2012/ Apr 2011 Overall Sales +1.6% -5.3% - Detached +11.4% -6.1% - Attached -12.5% +12.3% - Apartment -10.3% -12.5% New Listings +2.2% +7.4% Active Listings +6.9% +6.3%
Sellers added 3,134 new listings to the market in April, so now there are 10,312 properties for sale throughout the region.
FVREB President Scott Olson says, "To put it in perspective, in the last decade, April 2012 ranked second lowest for sales during that month, while new listings came in at the third highest, meaning it's a good time to be shopping for a home in the Fraser Valley because selection has only been this extensive twice."
MLS® Home Price Index
More good news for buyers -- prices are staying put in the Fraser Valley. The overall benchmark prices throughout the region increased only slightly, ranging from 0.4 per cent in Mission to 1.1 per cent in South Surrey/ White Rock.
Scott Olson says, "When you combine modest sales with normal, seasonal increases in listings it helps keep house prices in check, which is what we're seeing. Benchmark prices for all property types remain essentially unchanged from March and for townhomes and apartments, they're on par with what they were one year ago."
The MLS® Home Price Index tracks the changes in benchmark prices for homes with similar features.
Fraser Valley MLS® HPI Benchmark Prices % Change April 2012 March 2012 April 2011 Detached $576,600 +0.7% +5.3% Attached $318,400 +1.1% +1.9% Apartment $205,800 +0.5% +0.8%
You can read the Fraser Valley Real Estate Board's full breakdown of statistics here.
