Ray Werger, president of the Board, says, “There’s a lot of optimism right now. It will take a few more months of numbers, but our 2014 market is already on track to outperform last year.
“A measurement we rely on to gauge the health of the housing market is the ratio between sales and active listings and in April that number was the highest it’s been in our region in three years. Last month, that ratio for both single family detached homes and townhomes was 21 per cent, meaning for every 100 homes available, 21 sold. That’s a strong, balanced market.”
Werger adds that demand for apartments in the Fraser Valley remained softer. “In some of our areas we have an oversupply of condos and you’ll see that reflected in prices. Generally, prices of benchmark or typical apartments have decreased over the past year.
However, both buyers and sellers need to be aware that sales and pricing depend completely on the community, the time of sale and the age and quality of the home.
In April, the benchmark price of single family detached homes in the Fraser Valley was $566,000, an increase of 3.4 per cent compared to $547,300 during the same month last year.
For townhouses, the benchmark price was $298,700, virtually unchanged compared to $299,100 in April 2013.
The benchmark price of apartments was $196,300, a decrease of 3.7 per cent compared to $203,900 in April of last year.
In April, the number of days on average to sell a detached home in the Fraser Valley was 43; 47 for townhomes; and, 59 days on average for an apartment. All, four days faster than they were in April 2013.