Low supply of homes is the challenge for real estate brokers in the Fraser Valley this spring.
The Fraser Valley Real Estate Board says that sales were down 24.8% in March compared to a year earlier, with 1,664 homes processed through its MLS. That was a 20.1% drop from February but above the 1,658 10-year average for March.
Active inventory was up 10.1% from the previous month but down 0.2% from March 2017. Listings were down 6.7% year-over-year but up 24.9% from February with a total of 2,865.
“We continue to see demand capped-off due to an inadequate amount of supply,” said John Barbisan, Board President. “March is typically when we see our market kick into gear, but we need to see higher levels of new listings coming in and greater overall inventory if we want more homebuyers to find success in the Valley.”
Benchmark prices were:
- Single Family Detached: $1,001,400, up 0.9% compared to February 2018, and up 15.2% compared to March 2017;
- Townhomes: $541,800, up 2% compared to February 2018, and up 24.9% compared to March 2017;
- Apartments: $440,400, up 4.3% compared to February 2018, and up 48% compared to March 2017.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: