We are now four for four in record-setting months of real estate in BC’s Fraser Valley!
Home sales in the Fraser Valley reached 2,969 in April 2016, making it the highest April on record. It was an increase of 47.8% over the same month in 2015. This was a 1.2% drop over March of 2016, where 3,006 sales were completed. Previously, April of 1991 had been the record-setter at 2,513 sales.
The record numbers of buyers looking to purchase in the Fraser Valley, and low inventory levels, are putting the system under some strain, according to Charles Wiebe, president of the Fraser Valley Real Estate Board.
Citing that there’s more than one issue at stake, Wiebe has suggested that the level of demand we’re seeing is a result of many factors:
- A strong provincial economy
- Low interest rates
- More reasonably-priced housing in the Fraser Valley than in Vancouver, BC
In the month of April 2016, there were 3,942 new listings, an increase of 22.5% over 2015. Comparatively, this was 2.8% fewer new listings than were in March 2016. Inventory for April dropped 32% from last year as inventory levels for April came in at 5,697 listings. April of 2015 experienced 8,384 listings. While it had taken 38 days to sell a single-family detached in April 2015, it took just 17 days in April of 2016.
Even the benchmarks have risen. Average single family detached housing went for $595,500 in April of 2015. That number increased by 30% to $776,500 in April of 2016. The average benchmark price of Townhouses in April rose to $353,300, a 17.6% increase from the $300,400 average in April of 2015.
Here’s a breakdown of how benchmark prices have changed since last April for specific property types in White Rock, Surrey, and Langley, BC. Click on any of the properties to view current MLS listings for the area!
|Property Type/ City||April 2016||April 2015||% Change|
|White Rock Condo||$290,900||$247,300||17.6%|
|White Rock Townhouse||$488,800||$430,300||13.6%|
|White Rock Detached House||$1,286,200||$973,400||32.1%|
|Surrey Detached House||$879,300||$674,900||30.3%|
|Langley Detached House||$777,400||$599,900||29.6%|
While it may seem like a daunting task to enter the current market, professional Realtors can help you navigate through the quickly changing landscape of home ownership in the Fraser Valley.
Are you thinking about buying or selling in this fast paced market? Be sure to speak with an experienced real estate agent of Sutton WestCoast Realty to get professional advice.
Read the full April 2016 Statistics Package published by the Fraser Valley Real Estate Board.