Fraser Valley Real Estate Board stats are out for the month of February and signs are hinting at a strong Spring market in the Valley as inventory remains low, prices climb and competition ramps up.
The average days on market fell to a new all-time low for condos as demand picks up in all home types. Similarly, the sale price as a percent of original list price continues to climb back up as buyers pay prices even further above list price for attached home types. Detached home sale prices are up to 98.3% of list price, a figure we didn’t see until April in 2017, which has us two months early on the typical seasonal increase.
Condos steal the show again in benchmark price growth, up 4.5% month-over-month with townhouses not far behind at 2.2%. Detached homes are up 1% – the largest month-over-month price increase we’ve seen in detached homes since prices started to weaken last summer.
What does this mean for residential development land? Demand remains fierce for development land with an attached land use designation. We are seeing a rapid escalation in the purchase prices of apartment land, particularly in Willoughby where land values have doubled in some sub-neighbourhoods, when compared to this time last year.
Check out our curated summary of the Fraser Valley Real Estate Board’s February stats in infographics below.
Check out our curated summary of the Fraser Valley Real Estate Board’s February 2018 stats in infographics here.
View the Fraser Valley Real Estate Board’s entire stats package for February 2018 here.