Home sales growth in the Fraser Valley matched that of Greater Vancouver in April, rising 37.5 per cent year over year, according to Fraser Valley Real Estate Board (FVREB) figures published May 4.
Sales in the region totalled 1,786, and rose on a year-over-year basis in every property category, with detached homes leading the charge. The total sales figure ranks third highest of all time for April, with the second best April in 2004 and the record in 1991.
“April was a very active market,” says Jorda Maisey, FVREB president. “The low cost of borrowing continues to attract first-time buyers and families looking to either downsize or upsize as they take advantage of the equity they’ve built up in their existing homes.”
Sales and Listings
Single-family detached home sales increased 45.2 per cent compared with last April, and were up 15.2 per cent over the previous month.
After a couple of months of outstripping annual detached home growth, townhome sales increased 35.5 per cent year over year, and saw the highest monthly jump at 16.6 per cent.
Condo apartments continue to be the only faltering property type in the Fraser Valley, with sales increasing 14.7 per cent year over year but dropping 12.2 per cent compared with March.
Fraser Valley: What's Up, What's Down Apr/Mar 15 Apr 15/14 Overall Home Sales +10.5% +37.4% - Detached +15.2% +45.2% - Townhouse +16.6% +35.5% - Apartment -12.2% +14.7% New Listings +4.5% +1.2% Active Listings +2.3% -14.5%
Maisey said, “For apartment owners, take heart – the condominium market in the Fraser Valley is improving. We are starting to see more activity at open houses and an increase in the number of sales. However, that market remains firmly in balance with plenty of selection and prices still flat or declining in certain areas.”
Listings failed to keep up with the increasing demand, with new listings up only 1.2 per cent over April last year, and total listings down 14.5 per cent year over year. This has pushed up the benchmark prices for single-family homes and townhouses in April.
MLS® Benchmark Prices
Detached home benchmark prices saw the biggest year-over-year growth in the region, rising to $595,600, a jump of 5.2 per cent compared with April last year.
Despite their popularity, benchmark townhome prices rose just 0.6 per cent on a yearly basis to $300,400 across the Fraser Valley.
The benchmark price of a Fraser Valley condo reflected the slower sales activity, dropping 2.6 per cent year over year to $191,200.
Fraser Valley MLS® Benchmark Prices, % Change Apr 2015 Apr/Mar 2015 Apr 2015/2014 -Detached $595,600 +1,2% +5.2% -Townhouse $300,400 +0.2% +0.6% -Apartment $191,200 +0.2% -2.6%
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.