Homebuyers in the Fraser Valley region are able to shop for their dream home a little more comfortably as inventory rises.
But the increased choice comes as sales continue to decline with Fraser Valley Real Estate Board reporting a 35.1% decrease in May compared to a year earlier.
There were 1,758 sales processed through the board’s MLS system, up 2.9% from April. More than half of sales were townhouses (417) or apartments (516).
There were 6,736 homes available to buy last month, up 18.9% from April and up 29.5% from May 2017.
“This is the most inventory we’ve had in over two years,” said John Barbisan, Board President. “Now that the pace of our market has begun to settle, we’re seeing more opportunities for buyers and less pressure to make fast decisions.”
Listings increased by 3,965, a 15.6% increase from April and up 6.8% compared to May 2017.
Price growth remains strong
Homes continued to increase in value, hampering affordability for would-be buyers.
The benchmark price for a single family detached home increased 1.1% month-over-month and 11.6% year-over-year.
For townhomes, the $555,500 benchmark was 1% up from April 2018, and 20.6% above that of May 2017.
At $452,900, the benchmark price for apartments/condos increased 1.2% month-over-month and 42.4% year-over-year.