It was an interesting month for sure! For the 1st time since June 2020, when we were in the middle of the pandemic, property sales have dropped below the 10-year average!
Sales have dropped by 36.6% from March to April and New Listings have also dropped by 20.9%. Usually, in a normal spring market, we see the opposite where there is an influx of new listings. It’s a little early to say whether this trend will continue.
Across Fraser Valley, in April, the average number of days to sell a single-family detached home was 16 and a townhome was 13 days. Apartments took, on average, 13 days to sell.
MLS® HPI Benchmark Price Activity
Detached: At $1,731,000 | increased 0.2% compared to March 2022 | increased 33.8% compared to April 2021.
Townhomes: At $902,500 | increased 1.8% compared to March 2022 | increased 38.3% compared to April 2021.
Apartments: At $649,500| increased 1.0% compared to March 2022 | increased 35.6% compared to April 2021.
If you are looking to sell or buy, please give us a call and we'll be happy to help you navigate through the market!
PJ 604-725-1258 | Razaik 604-537-8447