The Fraser Valley Real Estate Board recently published the MLS® statistics for the real estate market, among others, for April 2016.
In this post, we’re going to take a close look at key numbers for the condominium market for April 2016 – including sales, new listings, active listings, as well as benchmark, median and average prices for condominiums for sale in .
We're also going to see what kind of shape the condominium market in was in for the month – whether it was a buyer's market, a balanced market, or a seller's market.
Fierce demand continues to put a strain on both inventory levels and buyers looking to purchase within the Valley.
Charles Wiebe, President of the FVREB – President, Fraser Valley Real Estate Board
And we're going to look at how the Abbotsford MLS® numbers for April 2016 compare with the numbers for April 2015 and for March 2016.
Highlights of FVREB MLS® Data on Condominium Listings and Sales
Here's a high-level snapshot of listing and sales activity for condominiums in April 2016.
- 86 Sales
- 100 New Listings
- 147 Active listings
- $165,900 Benchmark Price
- $171,500 Median Price
- $188,440 Average Price
The sales-to-active-listings ratio netted out a market absorption rate of 58.50%, indicating that it was a Seller's Market for condominiums in in April 2016 (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 condominiums, you need to speak with a real estate agent.
Condominium Market Changes
Following are some of the highlights for condominiums for sale in in April 2016:
- There were 86 condominium sales in in April 2016 – an increase of 75.51% over April 2015 and an increase of 1.18% over March 2016
- There were 100 new listings of condominiums in in April 2016 – an increase of 36.99% over April 2015 and an increase of 33.33% over March 2016
- The average price of a condominium in in April 2016 was $188,440 – an increase of 13.53% over April 2015 and an increase of 7.11% over March 2016
If you're really keen to understand what happened in the market for condominium in in April 2016, make sure you check out the next section.
Detailed Overview of the Market for Condominiums in
Check out the table below for more detailed information on what happened in the condominium market in April 2016 and see how it compares with the previous year and previous month.
Condominium Stats
| Metric | Apr 2016 | Apr 2015 | % Change | Mar 2016 | % Change |
|---|---|---|---|---|---|
| Sales | 86 | 49 | 75.51% | 85 | 1.18% |
| New Listings | 100 | 73 | 36.99% | 75 | 33.33% |
| Active Listings | 147 | 265 | -44.53% | 146 | 0.68% |
| Benchmark Price | $165,900 | $150,600 | 10.16% | $164,000 | 1.16% |
| Median Price | $171,500 | $160,000 | 7.19% | $169,000 | 1.48% |
| Average Price | $188,440 | $165,977 | 13.53% | $175,924 | 7.11% |
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 condominiums who will be able to provide you with the most accurate, up to the minute information on – and insights into – the real estate market.