The real estate market is off to a bang in 2016 and is affecting home prices in the Fraser Valley. The average detached home price jumped by 36.6% to $948,190 in May 2016. That figure is a month to month comparison from 2015 and 2016.
These statistics were provided by Fraser Valley Real Estate Board and could be found here.
Fraser Valley MLS May 2016 Statistics
The total sales in Fraser Valley have increased by 47.8% to 2,911. However, this is a slower month compared to April, which saw sales of 2,969.
The average price per all sales in May 2016 were $727,591 compared to May 2015 which were only $577,359. That is a 26% increase in the average sale price.
Wow, can you image making 26% return on your investment in one year!
If you bought a house last year for $577, 359 (average price) and sold it last month, you would be making $150,232 in profit (not taking in consideration the associated costs of owning a home).
This is why there has been a 57% increase in sales from last year and 19% new listings on the market.
The total number of sales year to date is 12,575. Last year there were only 8,011 sales.
The total number of new listings year to date increased to 17,467.
There was a total of 2,911 sales in May 2016.
There have been less active listings on the market in May 2016 but that could be due to houses getting sold quicker.
Which is not a bad thing if you are a seller.
If you are a buyer on the other hand, better be willing to make a compelling offer if you really like home.
Average Detached Home Price
Previously mentioned, the average detached home price is $948,190. This is a huge gap from townhouses and even apartments.
Townhouse average price increased to $444,739 with a 21.9% increase over last May.
Apartment average price increased to $262,012 with a 9.1% increase over last May.