Sales on the Fraser Valley Real Estate Board’s Multiple Listing Service in May remained at strong levels – the highest since 2007.

Sales on the Fraser Valley Real Estate Board’s Multiple Listing Service in May remained at strong levels – the highest since 2007.

Detached home prices on the rise in Fraser Valley

Slight shift in real estate market in May; sales edge down while inventory inches up.

Sales on the Fraser Valley Real Estate Board’s Multiple Listing Service (MLS) in May remained at strong levels – the highest since 2007 – however, they softened slightly compared to April.

There were 1,969 MLS sales processed in May, a decrease of two per cent compared to April, however an increase of 21 per cent compared to the 1,633 sales processed in May of last year.

In May, the total number of active listings on the MLS was 8,512, an increase of 1.5 per cent compared to April and a decrease of 14 per cent compared to May 2014. The volume of new listings decreased seven per cent compared to April, and was also down seven per cent compared to May of last year.

In May, the MLS Home Price Index benchmark price of a detached home was $603,100, an increase of 6.5 per cent compared to May 2014 when it was $595,600.

The benchmark price of townhouses in May was $303,100, an increase of two per cent compared to $297,300 in May 2014. The benchmark price of apartments decreased year-over-year by 2.8 per cent, going from $198,100 in May 2014, to $192,500 last month.

 

Surrey North Delta Leader