The Fraser Valley Real Estate Board recently published the MLS® statistics for the real estate market, among others, for March 2019.
In this post, we’re going to take a close look at key numbers for the condominium market for March 2019 – 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.
From a buyer’s perspective, there are more opportunities available as we move deeper into spring. Many of our communities are seeing higher inventory levels, especially in the attached market with the number of available townhomes almost doubling and Fraser Valley condos more than doubling compared to last year.
Darin Germyn, President of the FVREB – President, Fraser Valley Real Estate Board
And we're going to look at how the Abbotsford MLS® numbers for March 2019 compare with the numbers for March 2018 and for February 2019.
Highlights of FVREB MLS® Data on Condominium Listings and Sales
Here's a high-level snapshot of listing and sales activity for condominiums in March 2019.
- 56 Sales
- 116 New Listings
- 246 Active listings
- $314,100 Benchmark Price
- $295,000 Median Price
- $305,267 Average Price
The sales-to-active-listings ratio netted out a market absorption rate of 22.76%, indicating that it was a Seller's Market for condominiums in in March 2019 (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 March 2019:
- There were 56 condominium sales in in March 2019 – a decrease of -43.43% over March 2018 and a decrease of -15.15% over February 2019
- There were 116 new listings of condominiums in in March 2019 – a decrease of -20.00% over March 2018 and an increase of 34.88% over February 2019
- The average price of a condominium in in March 2019 was $305,267 – a decrease of -8.52% over March 2018 and an increase of 2.00% over February 2019
If you're really keen to understand what happened in the market for condominium in in March 2019, 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 March 2019 and see how it compares with the previous year and previous month.
Condominium Stats
| Metric | Mar 2019 | Mar 2018 | % Change | Feb 2019 | % Change |
|---|---|---|---|---|---|
| Sales | 56 | 99 | -43.43% | 66 | -15.15% |
| New Listings | 116 | 145 | -20.00% | 86 | 34.88% |
| Active Listings | 246 | 113 | 117.70% | 222 | 10.81% |
| Benchmark Price | $314,100 | $336,600 | -6.68% | $303,100 | 3.63% |
| Median Price | $295,000 | $333,300 | -11.49% | $296,250 | -0.42% |
| Average Price | $305,267 | $333,680 | -8.52% | $299,271 | 2.00% |
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.