Here are the March 2007 Fraser Valley Real Estate Board statistics and these are the highlights:
"The total number of sales processed through the MLS® in March was 1,743, a decrease of 16 per cent compared to the same month last year when 2,072 sales were processed. New listings increased by 33 per cent compared to the same month last year with 3,369 new listings in March taking the number of active listings to 7,351, an increase of 46 per cent compared to the 5,037 active listings in March of 2006."
"In March, the average price of a single-family detached house in the Fraser Valley was $509,197, an increase of 15 per cent compared to the same month last year when the average price was $442,726. The average price of townhomes also saw an increase of 15 per cent, going from $277,999 in March 2006 to $319,592 in March 2007. The average apartment price in March 2007 was $203,874 compared to $180,545 the same month last year, an increase of 12.9 per cent."
Last year the FV months of inventory was 2.4 but now it is 4.2 - a significant increase - but not enough for price decreases yet. The spring selling season is just starting so we will see if demand holds up through April and May.