The Fraser Valley’s real estate sales were the highest for any April on record, up 47.8 per cent over the same month last year, according to a Fraser Valley Real Estate Board (FVREB) report released May 3.
This total number (including residential, industrial and commercial) was a drop of 1.2 per cent compared with record-setting March figures released last month, said the board.
However, looking at residential sales only, April’s transactions were up 49.2 per cent year over year and up very slightly, 0.3 per cent, just seven units more than in March.
Charles Wiebe, president of the board, said, “Fierce demand continues to put a strain on both inventory levels and buyers looking to purchase within the Valley.”
Total active home listings at the end of April were once more down year over year, by 35.7 per cent. However, the number of new homes listed for sale rose nearly 26 per cent year over year.
Sales and Listings
The Fraser Valley board recorded 2,969 total property sales (residential, industrial and commercial) on its Multiple Listing Service® (MLS®) in April – the most for any April on record.
That included a total of 2,664 residential property sales, which is an increase of 49.3 per cent compared with April 2015 and 0.3 per cent more than in March.
Single-family home sales in the Fraser Valley increased by 37.5per cent compared with last April, to 1,503 units. However, this was a month over month drop of 3.2 per cent compared with March.Across the region, the average number of days to sell a detached home in April was 17 days, compared with 38 days in April 2015.
Sales of townhouses, duplexes and row homes in the region increased 44.6 per cent year over year 629 sales. This figure is also the sharpest monthly growth rate of all property types, at 6.1 per cent higher than March. It is also interesting to note that while Greater Vancouver overall home sales are nearly double that of the Fraser Valley, the townhome transactions are almost identical, reflecting a better level of inventory in the Valley market.
The biggest story was in Fraser Valley condo-apartment sales, which more than doubled in April, rising by 106.2 per cent year over year 532 sales. This was also 4.1 per cent higher than the condo sales recorded in the previous month.
The number of new residential listings in April jumped by 25.6 per cent year over year to 3,366, which was a fall of 0.4 per cent compared with March’s new listings. Just as with the last couple of months, this was led by a lift in newly listed detached homes in April, up nearly 34.3 per cent year over year.
However, just like Greater Vancouver’s market, demand was much faster than the supply could keep up with. There were 3,788 active home listings at the end of April, a drop of 35.7 per cent from the 5,892 listings available in April last year, but a rise of 4.9 per cent, adding to the increases seen since the beginning of 2016.
Wiebe said, “There’s no ‘one thing’ that can take credit for the unprecedented pace of this market. With low interest rates, a strong provincial economy, and much of the Fraser Valley remaining quite affordable, there are many factors that continue to drive the level of demand we’re seeing.”
The benchmark price of a single-family home in the Fraser Valley in April rose to $776,500, a jump of 30.4 per cent compared with April 2015, when it was $595,500, and a rise of 4.8 per cent since last month.
Attached home prices in the region rose 17.6 per cent year over year to $353,300. This was a rise of 2.6 cent month over month.
Condo-apartments continued to make up 2015’s price slides. The benchmark price rose by 15 per cent compared with a year ago, to $219,900, up 1.2 per cent over the previous month.
Wiebe added, “While it may seem daunting, I must emphasize that it is still very possible to enter this market. However, working with a REALTOR® is essential for both home buyers and sellers; a professional will help you navigate what you need and what’s out there. Whether it’s a buyer or a home that you’re looking for, we’ll help you find it.”
Prices in the Fraser Valley differ by city and neighbourhood. To see home prices, sales and listings broken down by community, see the FVREB April 2016 statistics package.
Check out our cool infographic, breaking down sales by property type and variation in prices by different Fraser Valley areas, here.