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Great time for Buyers to buy homes…

An increase in choice continues to be the real estate story in the Fraser Valley, with the Fraser Valley Real Estate Board receiving a record number of new listings on the Multiple Listing Service (MLS®) in April.

The Fraser Valley Real Estate Board received 4,458 new listings last month compared to 2,922 new listings received during April of last year, an increase of 53 per cent. That swell of new inventory took the number of active listings to almost-record highs, reaching 11,111, an increase of 43 per cent compared to the 7,764 listings available during April 2007.

Even with the surge in listings, April sales remained strong at 1,787 total units sold, on par with the 1,781 sales sold in April of 2007.

Kelvin Neufeld, the president of the Board says the last time Fraser Valley buyers had so much to choose from, was in the spring of 1994. “What’s different today is the variety of properties available within every Fraser Valley community.

“Abbotsford condos were a rarity 14 years ago and so were one acre parcels of land in South Surrey. The volume of development right now in all property types across the Valley is opening up so many opportunities for buyers.”

The price of a single-family house in the Fraser Valley averaged $547,590, representing a 4.7 per cent increase from April 2007. Townhomes went for an average $344,659 in April, an increase of 7.5 per cent compared to the same month last year when they averaged $320,702.

Average apartment prices in the Valley continued to rise in the double digits increasing by 10.3 per cent compared to last year. They averaged $213,901 in April 2007, compared to $235,840 last month.

Information and photos of all Fraser Valley Real Estate Board listings can be found on the national, public website www.mls.ca. Using the services of a REALTOR®, who has detailed access to the full, private MLS® database is the most effective way to purchase your new home. Further market statistics can be found on the Board’s website at www.fvreb.bc.ca. The Fraser Valley Real Estate Board is an association of 3,157 real estate professionals who live and work in the communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission.

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