May 2017 Fraser Valley Real Estate Market Recap

Growing sales in Fraser Valley met with bump in new inventory.

If you are actively looking a buy a home in the near future the above headline of May’s Fraser Valley Real Estate Board’s News Release should be promising!

The release states that the Fraser Valley finally had an increase in new housing inventory coming to the market this last month. Board President Gopal Sahota encourages home buyers:

“We’re very happy to see the bump inventory we were looking for in April. I think sellers will certainly be glad that demand hasn’t let-up since the start of the spring market and more options for potential buyers is always a good thing.”

Here are some other key highlights from the May 2017 Fraser Valley real estate market recap:

•          Highest level of sales since June 2016.
•          Second highest level of sales for a May on record.
•          5,203 active inventory listings
•          FVREB processed 2,707 sales on its MLS.
•          Attached home sales (condos, townhouses) continue a 10-month trend of surpassing detached sales.
•          3,712 new listings (1% increase from last year and 25.8% increase from April 2017).
•          23 days to sell a single family detached home, on average (compared to 16 in May 2016).

Looking back at the real estate market and where it has come in the last year and a half, Sahota comments that:

“The further we get into this year’s market, the less 2016 looks like an anomaly in terms of demand and sales activity. If it wasn’t clear before, the Fraser Valley is now a prime, highly sought-after destination for home owners of all types.”

May 2017 HPI Benchmark Price Activity

Wondering about pricing of the market and how it’s changed?

Single Family Detached Homes: $915,800

Increased by 9.8% compared to May 2016.

• • South Surrey Detached Homes: $1,496,600
  • Langley Detached Homes: $922,000
  • North Delta Detached Homes: $869,700

Townhomes: $458,900

Increased by 25.7% compared to May 2016.

• • South Surrey Townhouses: $614,000
  • Langley Detached Townhouses: $464,300
  • North Delta Detached Townhouses: $543,700

Apartments: $295,000

Increased by 30.9% compared to May 2016.

• South Surrey Apartments: $363,700
• Langley Apartments: $311,100
• North Delta Apartments: $238,700

If you are first time home buyer wondering how to get into this real estate market that seems to increase, check out some of my resources:

• BC Government Matching Down Payments with Interest Free Loans for First Time Buyers in 2017
• 12 Tips for First Time Home Buyers in BC
• Is an Income Suite the Key to Home Ownership in BC?
• How to Pay Off Your Mortgage Faster

For more information about the current real estate market or for professional assistance in your search for the perfect home, please call the Sutton WestCoast Realty Taylor Team at 778-316-4290.