Buyers Spring To Action
In March of this year, buyers in the Fraser Valley took advantage of the continued stability in home prices and the highest inventory levels for the month since 2015.
The Fraser Valley Real Estate Board processed 1,221 sales of all property types on its Multiple Listing Service® in March, a 24.3 percent increase compared to sales in February 2019. Of the 1,221 total sales, 462 were residential detached homes, 300 were townhouses, and 346 were apartments.
Darin Germyn, President of the Board, said of the market: “From a buyer’s perspective, there are more opportunities available as we move deeper into spring. Many of our communities are seeing higher inventory levels, especially in the attached market with the number of available townhomes almost doubling and Fraser Valley condos more than doubling compared to last year.”
There were 7,011 active listings available in the Fraser Valley at the end of March, an increase of 9.4 percent compared to February 2019’s inventory and an increase of 46.2 percent year-over-year. “One of the reasons our market has remained stable is simply due to affordability. Although prices have increased dramatically over the last ten years, during the last twelve months we've seen prices for all major residential property types in the Fraser Valley decrease between four and five percent. This is good news for buyers,” continued Germyn.
What’s moving in your specific corner of the Fraser Valley, and for how much? There’s one easy way to find out — please call today for your complimentary, no-obligation local market update!