There’s a new addition to our monthly infographic! In an effort to raise the bar, we will now be including our team’s opinion of current market revenue figures for new construction of townhomes, condos and single family homes. We have focused on the two most active development areas of the Fraser Valley: South Surrey and Willoughby.
Now back to regularly scheduled programming… May was another aggressive month of price increases in the Fraser Valley. The benchmark price of all three residential categories rose by approximately 3% month over month. Despite the price increases, demand remains fierce with sales up by 7% in condos, 21% in detached homes and 42% in townhomes, month over month. The market is operating on such low inventory levels that the sales increases are only made possible by the increase in new and active listings this month.
Homes sold even quicker in May with the average days on market falling by an additional 11-18%, depending on home type. Condos set a new record with an average 16 days on market and townhomes matched the lowest point in 2016 of only 14 days.
Check out our curated summary of the Fraser Valley Real Estate Board’s May 2017 stats in infographics here.
View the Fraser Valley Real Estate Board’s entire stats package for May 2017 here.
This representation is based in whole or in part on data generated by the Fraser Valley Real Estate Board which assumes no responsibility for its accuracy.