Welcome Spring market! The key Fraser Valley real estate metrics in March have the month nearly on par with June of 2016, just before it reached its peak.
Month over month, sales spiked in all three product categories while active listings increased less than 4% in all residential product categories and decreased by 1% in townhomes. The result is a sales to active listings ratio at or above 100% for multi-family product and detached homes shooting way into a seller’s market.
The lack of supply and incredible demand pulled the average days on market down again. All home types sold nearly 1 week faster than in February – a 15-30% decrease depending on category.
We are entering this Spring market with 26% fewer active listings on market which should keep absorptions high as new projects hit their Spring launches.
Check out our curated summary of the Fraser Valley Real Estate Board’s March 2017 stats in infographics here.
View the Fraser Valley Real Estate Board’s entire stats package for March 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.