May’s property sales in the Fraser Valley reached the highest they’ve been in seven years with the Fraser Valley Real Estate Board posting on its Multiple Listing Service an increase of 18 per cent compared to May 2013 and 11 per cent more than in April.
Previous record-setting Mays were in the mid-2000s during the market peak, with last month’s sales coming in just below the 10-year average.
For the second month in a row, we’re experiencing healthy sales volumes with the most popular choice being single family detached homes followed by townhouses. For single family homes, that market is at the upper-end of a balanced market with certain areas in a sellers’ market where over 30 per cent of available inventory is selling.
The market for apartments has not picked up to the same degree. We’ve seen an improvement in condo sales in specific areas, however in many communities the market continues to favour buyers due to inventory levels that remain elevated and buyer preference for homes that offer more space and amenities.
Last month in the Fraser Valley, 60 per cent of our residential sales were single family detached homes and we’re starting to see that preference reflected in prices. Prices are up three per cent over the past year, even higher in the most sought-after communities and most of that increase has taken place in the last six months.
The benchmark price as determined by the MLS Home Price Index of a single family detached home in Fraser Valley increased 3.1 per cent in one year. It went from $549,200 in May 2013 to $566,400 last month.
In May, the benchmark price of a Fraser Valley townhouse was $297,300, a decrease of 0.2 per cent compared to May 2013.
The benchmark price of an apartment decreased by 2.6 per cent going from $203,400 in May of last year to $198,100 in May 2014.
Right now our home supply is the best it’s been since last fall, with the highest demand for priced-right, quality properties. If your home fits that description, anticipate a lot of interest.