FVREB Market Data: April 2016

Once again, the Fraser Valley saw record-breaking numbers with April sales reaching higher than any previous April historically.

Last month, the Board processed 2,969 sales on the MLS®, an increase of 47.8 per cent compared to April 2015. The previous record for sales processed in an April was set in 1991 at 2,513. Sales did drop, however, compared to March 2016’s all-time record of 3,006 sales processed.

“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.” – Board President Charles Wiebe

Other notable stats include:

  • The Board received 3,942 new listings in April, an increase of 22.5 per cent compared to April of last year, and a 2.8 per cent decrease from March 2016. The total active inventory for April was 5,697, down 32 per cent from last year’s 8,384 active listings.
  • The average number of days to sell a single family detached home in April 2016 was 17 days, compared to 38 days in April 2015.
  • The MLS® HPI benchmark price of a Fraser Valley single family detached home in April was $776,500, an increase of 30 per cent compared to April 2015 when it was $595,500.

To see this month’s statistics package, including data analysis and breakdowns by each of the Fraser Valley’s main regions, click here.