Amid decade-high inventory, the Fraser Valley saw a modest, but encouraging bump in sales in May, a sign buyer confidence may slowly be returning.
Sales increased 13 per cent in May, to 1,183, but remain more than 30 per cent below the 10-year average. Year-over-year, sales are down 22 per cent. May sales were the second lowest in 10-years, factoring in the early months of the pandemic in 2020.
Both new listings and overall inventory edged up in May. New listings rose seven per cent to 4,007, an increase of seven per cent year-over-year, and 11 per cent above the 10-year seasonal average.
Active listings topped 10,000 for the second straight month, to 10,626, the highest number of active listings since May 2013, up 34 per cent year-over-year and 54 per cent above the 10-year seasonal average.
The bump in sales wasn’t enough to move the market back into balance, and the Fraser Valley remains in a buyer’s market. The sales-to-active listings ratio sits at 11 per cent.
Sales-to-Active Ratio
Detached: 11% (up 2% from April)
Townhouses: 17% (up 1% from April)
Apartments: 13% (down 1% from April)
Benchmark Prices
The composite Benchmark price in the Fraser Valley dropped one per cent in May, to $963,200.
Change in price: month-to-month
Detached: $1,481,900 -1.6%
Townhouse: $832,800 -0.03%
Apartments: $532,700 -0.9%
Days on Market
Across the Fraser Valley in May, the average number of days to sell a single-family detached home was 34, while for a condo it was 33 days. Townhomes took, on average, 27 days
To learn more about HPI Benchmark prices by sub-area, click here. For a more detailed look at the Fraser Valley market, watch Eye on the Market or click here to view the Monthly Statistics Package.