May Market Data & Eye on the Market

Inventory in the Fraser Valley continued to build in May, giving buyers more options than they’ve had in nearly five years.

Active listings increased to levels not seen since September 2019, with 7,904 homes on the market in May — an eight per cent increase month-over-month and 19 per cent above the ten-year average.

Buyers maintained a cautious approach in May, with sales increasing just three per cent over April, to 1,517. Given the accumulation of inventory, many appear to be taking their time and not feeling pressured to make buying decisions. Sales for May were 21 per cent below the 10-year average, ranking 8th for May the last decade.

It was the third busiest May for new listings in the last decade, with 3,760 — eight per cent above the 10-year average.

Sales-to-Active Ratio

With overall inventory building and sales remaining below the seasonal average, the Fraser Valley sales-to-active ratio decreased to 19 per cent in May, remaining in balanced market territory. The market is considered balanced when this ratio is between 12 and 20 per cent.

Detached: 18% (up 1% from April)
Townhouses: 30% (down 8% from April)
Apartments: 24% (down 2% from April)

Benchmark Prices

Benchmark prices in the Fraser Valley remained flat in May, with the composite benchmark price down 0.2 percent to $1,006,300. Only detached homes increased in May, while townhomes and apartments both decreased slightly.

Detached: $1,530,200   + 0.25%
Townhouse: $853,800   – 0.03%
Apartment: $555,100   – 0.09%

Days on Market

The average number of days townhouses and detached homes are spending on the market increased slightly in May, while condos remain steady at 23 days. Detached homes are spending 25 days on the market, up from 23 in April. Townhouses are spending 20 days on the market, up one day from last month.

To learn more about the FVREB Market Data for April, watch Eye on the Market with Board Chair, Jeff Chadha.

For a more detailed look at the Fraser Valley market, click here to view the Monthly Statistics Package.