(Surrey, BC) - The Fraser Valley Real Estate Board processed 1,516 property sales on its Multiple
Listing Service (MLS®) in April, a decrease of 15 per cent compared to 1,793 sold during April of
last year, and a decrease of 17 per cent compared to March's 1,818 sales.
The Fraser Valley market was busier than normal in February and March due in part to the tighter
credit conditions that kicked in on March 18, plus you add into the mix a focus on the federal
election and you get an April that trends back to normal conditions.
Certain individual markets within Fraser Valley have remained active. For
the third month in a row, sales of single detached homes in White Rock/South Surrey have
accounted for almost a quarter of all detached sales in the region compared to the 15 per cent share
that area typically garners.
Benchmark prices of detached homes in that area have increased by 11 per cent in the last three
months compared to 3.9 per cent across the Fraser Valley as a whole, emphasizing the need for
local expertise no matter where you're thinking of buying or selling.
April finished with 5 per cent more active listings on the MLS® than it had in March - 9,697
compared to 9,228 - however, 9 per cent fewer than the 10,635 listings that were active during
April of 2010. The Board received 2,918 new listings in April, a decrease of 14 per cent compared
to March and a decrease of 22 per cent compared to the 3,760 new listings received in April 2010.
Regarding prices, in April, the benchmark price for Fraser Valley detached homes was $525,510, an
increase of 1 per cent from the April 2010 price of $520,423. The benchmark price of townhomes
was $332,992 in April, an increase of 2 per cent compared to $326,367 in April 2010. The
benchmark price of apartments was $252,689 in April, a 1.3 per cent increase compared to
$249,453 in April 2010.
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