Warning: Obligatory toot-toot press release:
(Surrey, BC) – An increase in choice continues to be the real estate story in the Fraser Valley, with the Fraser Valley Real Estate Board receiving a record number of new listings on the Multiple Listing Service (MLS®) in April.
The Fraser Valley Real Estate Board received 4,458 new listings last month compared to 2,922 new listings received during April of last year, an increase of 53 per cent. That swell of new inventory took the number of active listings to almost-record highs, reaching 11,111, an increase of 43 per cent compared to the 7,764 listings available during April 2007.
Even with the surge in listings, April sales remained strong at 1,787 total units sold, on par with the 1,781 sales sold in April of 2007. Kelvin Neufeld, the president of the Board says the last time Fraser Valley buyers had so much to choose from, was in the spring of 1994.
The price of a single-family house in the Fraser Valley averaged $547,590, representing a 4.7 per cent increase from April 2007. Townhomes went for an average $344,659 in April, an increase of 7.5 per cent compared to the same month last year when they averaged $320,702.
Average apartment prices in the Valley continued to rise in the double digits increasing by 10.3 per cent compared to last year. They averaged $213,901 in April 2007, compared to $235,840 last month.
Sheesh - look at all those listings. The real surprise this month was the strength of the sales numbers. With strong sales like last month the market is proving that a fool is easily parted with his money - a greater fool that is.
Median price gains are slowing down.
Year over year price gains in the house price index are slowing way down too. I am looking to August for negative year over year numbers.
The strong correlation between the Months of Inventory level and price changes is very strong. We had 6.2 months of inventory in April and because of exceptionally strong sales prices did not decrease.