Total inventory for the Valley remains at all-time lows as we push further into a strong Spring market reminiscent of 2016.
Prices continue to climb rapidly with the benchmark price of a detached home reaching a new 10 year high – even above the height of the market in 2016. Even the 17% increase in townhome listings couldn’t stop the benchmark price from increasing 3.2% over March 2017. Condos rose a similar 3.1%.
Days on Market continued to fall in April, reaching levels not seen since September of 2016. Apart from June and July of 2016, townhomes have never sold quicker than this April’s 17 day average. Condos continue to set new records each month with the average days on market down to only 18 days in April.
All residential product types are back to selling at, or slightly above, list price, which is consistent with reports of multiple offers being the norm again and line-ups at new projects days before launch.
Check out our curated summary of the Fraser Valley Real Estate Board’s April 2017 stats in infographics here.
View the Fraser Valley Real Estate Board’s entire stats package for April 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.