The Fraser Valley Real Estate Board’s stats are out for March and it is a curious mix. Sales are down 22-28%, year-over-year; however, homes are selling faster (days on market is down for all home types) and at even higher prices (benchmark prices are up for all home types). Unfortunately, this unusual dip in sales did not result in a meaningful increase in supply. This may largely be due to March 2018 having the fewest new listings of any March since 2014, 8% below the 10 year average.
It is, nonetheless, still a very strong market in the Valley with condos leading the benchmark price increases with another staggering month-over-month increase of 4.3%. The gap between supply and demand persists in the townhouse and detached home markets as well, with the benchmark price up 2% and 1% respectively.
What does this mean for residential development land? Similar to February, the consistent price growth and near-instant absorption of attached homes continues to bolster demand for the corresponding development land types. Land prices continue to jump with each new reported transaction.
Check out our curated summary of the Fraser Valley Real Estate Board’s March stats in infographics below.