The Fraser Valley Real Estate Board recently published the MLS® statistics for the real estate market, among others, for March 2018.
In this post, we’re going to take a close look at key numbers for the detached home market for March 2018 – including sales, new listings, active listings, as well as benchmark, median and average prices for detached homes for sale in .
[cleveryoutube video=”” style=”1″]We're also going to see what kind of shape the detached home market in was in for the month – whether it was a buyer's market, a balanced market, or a seller's market.
We continue to see demand capped-off due to an inadequate amount of supply. March is typically when we see our market kick into gear, but we need to see higher levels of new listings coming in and greater overall inventory if we want more homebuyers to find success in the Valley.
John Barbisan, President of the FVREB – President, Fraser Valley Real Estate Board
And we're going to look at how the Abbotsford MLS® numbers for March 2018 compare with the numbers for March 2017 and for February 2018.
Highlights of FVREB MLS® Data on Detached Home Listings and Sales
Here's a high-level snapshot of listing and sales activity for detached homes in March 2018.
- 120 Sales
- 158 New Listings
- 252 Active listings
- $814,000 Benchmark Price
- $786,000 Median Price
- $842,075 Average Price
The sales-to-active-listings ratio netted out a market absorption rate of 47.62%, indicating that it was a Seller's Market for detached homes in in March 2018 (click on the link learn more about local housing market ratios on the BC Real Estate Association blog).
Please note: If you want the most accurate and up-to-date data on MLS® listing and sales activity for detached homes, you need to speak with a real estate agent.
Detached Home Market Changes
Following are some of the highlights for detached homes for sale in in March 2018:
- There were 120 detached home sales in in March 2018 – a decrease of -14.29% over March 2017 and an increase of 12.15% over February 2018
- There were 158 new listings of detached homes in in March 2018 – a decrease of -21.00% over March 2017 and an increase of 1.94% over February 2018
- The average price of a detached home in in March 2018 was $842,075 – an increase of 19.23% over March 2017 and an increase of 0.40% over February 2018
If you're really keen to understand what happened in the market for detached home in in March 2018, make sure you check out the next section.
Detailed Overview of the Market for Detached Homes in
Check out the table below for more detailed information on what happened in the detached home market in March 2018 and see how it compares with the previous year and previous month.
Detached Home Stats
| Metric | Mar 2018 | Mar 2017 | % Change | Feb 2018 | % Change |
|---|---|---|---|---|---|
| Sales | 120 | 140 | -14.29% | 107 | 12.15% |
| New Listings | 158 | 200 | -21.00% | 155 | 1.94% |
| Active Listings | 252 | 247 | 2.02% | 263 | -4.18% |
| Benchmark Price | $814,000 | $687,200 | 18.45% | $803,300 | 1.33% |
| Median Price | $786,000 | $672,500 | 16.88% | $770,000 | 2.08% |
| Average Price | $842,075 | $706,242 | 19.23% | $838,706 | 0.40% |
Real Estate Market Infographic
Disclaimer
All of the data for the monthly real estate market updates are taken directly from the MLS® statistics packages that the Fraser Valley Real Estate Board publishes every month.
Although rare, errors and omissions may happen from time to time. If you want to be absolutely certain the you have the most accurate data, we encourage you to click on the link to the latest MLS® statistics for the real estate market.
Or, better still, speak directly with a real estate agent who specializes in detached homes who will be able to provide you with the most accurate, up to the minute information on – and insights into – the real estate market.