The 3 Reasons the Fraser Valley is a Seller’s Market

At 63% MarketSpeed™ (sales-to-active listing ratio) we are officially in a seller’s market. But the question is: Why?

  1. Sales: 25% less than the previous year, and with an average list price of $623,000 giving us a 5% increase compared to this time last year, and a 2% increase month over month.
  2. Active Listings: Active listings totaled 3169  which is a 15% decrease year over year, but a 5% increase month over month
  3. Days on the Market: Homes were on the market for an average of 10 days in April, which is an 11% increase from last year, and 23% less than the previous month.

All of these factors play into producing a Seller’s Market in the Fraser Valley. If you are interested in learning about the stats in your area please contact us and we will be happy to send you a report!

 

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Market Update: April

InventoryIt’s that time again–another month of Real Estate stats for you! This month the market continued to rise however, it was substantially down from this time last year. In total, residential property sales in Metro Vancouver totaled 3,553 last month, a 25.7% decline compared to a year ago.

However, the statistics for the Fraser Valley show that although there were fewer sales than there was last year, the market continues to be one of the hottest one’s in Canada. This month also showed that condominium and townhome sales now make up a larger percentage of all residential transactions. In Vancouver Condo and townhome sales were up by  68.5% on average.

Our market is in line with the forward momentum we see during the spring time. If you are looking to sell now is an excellent time to put your home on the market. We at Young Real Estate will work with to not just sell your home, but get you the best price. Give us a call today at 604-533-3491 and take advantage of the current seller’s market.

 

Sources: Vancouver Sun: http://vancouversun.com/news/local-news/vancouver-home-sales-slide-nearly-26-last-month-condo-and-townhouse-demand-rise

BuzzBuzzNews:http://news.buzzbuzzhome.com/2017/05/demand-condos-townhomes-continues-ramp-up-metro-vancouver-market-rebgv.html

Statistics: SnapStatsReport (not available to public)