The market continued to show strength in April, reaching the highest sales level for the region in the past ten months.
The Board processed 2,230 sales of all property types on its MLS® in April, a decrease of 24.9 per cent compared to the 2,969 sales this time last year and a 0.8 per cent increase compared to the 2,213 sales in March 2017.
Of the 2,230 sales processed in April, 438 were townhouses and 567 were apartments.
FVREB Presisdent Gopal Sahota on the pace of the market in April,
“Growing demand is catching up to the limited inventory we have available currently, and that’s creating a less-than-ideal environment for both buyers and sellers. People want to live in the Valley right now and we need more listings to support that.”
Total active inventory for the Fraser Valley last month was 4,913 listings, the lowest seen for an April in ten years. Inventory levels decreased 13.8 per cent when compared to April 2016, but did increase slightly by 2.2 per cent month-over-month.
The Board received 2,950 new listings in April, a 4 per cent decrease from March 2017, and a 25.2 per cent decrease compared to April 2016’s 3,942 incoming listings.
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