The real estate market has its worst lows in the Fraser Valley, but there are a few signs of positive movement in Langley’s townhouse sales.
According to the Fraser Valley Real Estate Board’s newest numbers released Tuesday, home sales in the Fraser Valley are the worst they’ve been in May since 2001.
Sales were down 15 per cent compared to sales in May of last year.
The number of properties for sale was also the highest it’s been.
“We’re in a transitioning market. We’ve seen a significant improvement in activity compared to last fall, but by historical standards we’re lagging,” said Ron Todson, president of the board. “Sales are about 20 per cent lower than normal for this time of year, while the number of new listings coming on stream is right on average.”
Prices for homes don’t seem to be going down however.
The average price of a single family detached home in the Fraser Valley was $549,200 in May, an increase of 0.2 per cent from the same month last year. A townhouse is $298,000.
“In order for there to be significant downward pressure on home prices, you need to have a sustained period of time when the ratio of sales-to-actives is in the single digits and because that hasn’t happened, prices are remaining relatively stable,” said Todson.
“Real estate is specific to community and property type and conditions can change rapidly,” says Todson. “For example, the townhome market in Langley currently is brisk; the condo market in White Rock is not. The range in Fraser Valley alone is considerable.”
FVREB covers North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission.