Property sales on the rise
Last month was the busiest March for Fraser Valley realtors since 2006.
The Fraser Valley real estate board processed 1,818 property sales in the month, an increase of 16 per cent compared to the 1,565 sold in March 2010. It was also an increase of 42 per cent over February’s 1,279 sales.
It is still not at 2006 levels, as March of that year saw 2,072 sales.
“We are seeing strong demand in the Fraser Valley but not necessarily for every product type in every community,” said Sukh Sidhu, president of the Fraser Valley Real Estate Board.
In addition to the sales volume, the number of new properties being listed increased by 11 per cent, from 3,038 new listings in February to 3,376 in March.
Regarding prices, in March, the benchmark price for Fraser Valley detached homes was $519,628, an increase of 0.9 per cent from the March 2010 price of $514,787.
The benchmark price of Fraser Valley townhouses in March remained on par year-over-year going from $326,307 in 2010 to $327,328 in 2011. The benchmark price of apartments was $249,463 in March, a 1.1 per cent increase compared to $246,673 in March 2010.