FVREB Market Data: May 2016

For the fifth time this year, Fraser Valley real estate hit a record-breaking number of monthly sales historically. This was, by approximately 700 sales, the busiest May our Board has ever seen (the previous record was set in May of 2006).

Last month, the Board processed 2,911 sales on the MLS®, an increase of 47.8 per cent compared to May 2015. However, sales dropped two per cent when compared to April 2016, continuing a slight trend of easing off since sales peaked this spring at 3,006 sales in March.

Fraser Valley townhouses and apartments continue to see substantial activity throughout the region, compared to the last three months, with 615 and 557 sales for those home types in May, respectively. That’s a 56.1 per cent gain for townhome transactions when compared to last year, and a 112.6 per cent increase for apartments.

“Demand is tremendous, still, for detached homes in our region, but it’s encouraging to see that the upward pace of that demand is levelling off. However, we’re also seeing the ripple effects as consumers are looking to townhouses and apartments in record numbers. This year, so far, is the busiest those markets have ever been.”

Other notable stats include:

  • The Board received 3,674 new listings in May, an increase of 22.9 per cent compared to May of last year, and a 6.8 per cent decrease from April 2016. The total active inventory for May was 5,752, down 32.4 per cent from last year’s 8,512 active listings.
  • Across Fraser Valley, the average number of days to sell a single family detached home in May 2016 was 16 days, compared to 31 days in May 2015.
  • The MLS® HPI benchmark price of a Fraser Valley single family detached home in May was $834,200, an increase of 38.3 per cent compared to May 2015 when it was $603,100.
  • In May, the benchmark price of townhouses was $365,000, an increase of 20.4 per cent compared to $303,100 in May 2015. The benchmark price of apartments also increased year-over-year by 17 per cent, going from $192,500 in May 2015 to $225,200 in May 2016.

To read the press release and see the full statistics package for May 2016, click here. You can find additional data and reports on REALTOR Link®