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Abbotsford Condominium Market Update May 2019

The Fraser Valley Real Estate Board recently published the statistics for the Abbotsford real estate market, among others, for May 2019.

In this post, we’re going to take a close look at key numbers for the Abbotsford condominium market for May 2019 – including sales, new listings, active listings, as well as benchmark, median and average prices for condominiums for sale in Abbotsford.

We're also going to see what kind of shape the condominium market in Abbotsford was in for the month – whether it was a buyer's market, a balanced market, or a seller's market.

Buyers are recognizing that in the last three months, home prices have stopped declining and that in order to take advantage of the improvement in prices over the past year, now is a great time to consider making the purchase they held off on in the previous months. We're seeing buyers who have been waiting on the sidelines, act, because of better price opportunities and more selection. It's been four years since buyers had this much choice in the Fraser Valley.

Darin Germyn, President of the FVREB

And we're going to look at how the numbers for May 2019 compare with the numbers for May 2018 and for April 2019.

Key Highlights of the Abbotsford Real Estate Market for Condominiums

Here's a high-level snapshot of what went on with the market for condominiums in Abbotsford for May 2019.

  • 77 Sales
  • 151 New Listings
  • 304 Active listings
  • $317,500 Benchmark Price
  • $312,000 Median Price
  • $317,224 Average Price

The sales-to-active-listings ratio netted out a market absorption rate of 25.33%, indicating that it was a Seller's Market for condominiums in Abbotsford in May 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 information on how the market's doing, you need to speak with a real estate agent.

Abbotsford Condominium Market Changes

Following are some of the highlights for condominiums for sale in Abbotsford in May 2019:

  • There were 77 condominium sales in Abbotsford in May 2019 – a change of -25.24% over May 2018 and a change of 5.48% over April 2019
  • There were 151 new listings of condominiums in Abbotsford in May 2019 – a change of -24.88% over May 2018 and a change of 19.84% over April 2019
  • The benchmark price of a condominium in Abbotsford in May 2019 was $317,500 – a change of -10.16% over May 2018 and a change of -1.00% over April 2019

If you're really keen to understand what happened in the market for condominium in Abbotsford in May 2019, make sure you check out the next section.

Detailed Overview of the Market for Condominiums in Abbotsford

Check out the table below for more detailed information on what happened in the Abbotsford condominium market in May 2019 and see how it compares with the previous year and previous month.

Abbotsford Condominium Stats

MetricMay 2019May 2018% ChangeApr 2019% Change
Sales77103-25.24%735.48%
New Listings151201-24.88%12619.84%
Active Listings30422634.51%26514.72%
Benchmark Price$317,500$353,400-10.16%$320,700-1.00%
Median Price$312,000$322,500-3.26%$295,0005.76%
Average Price$317,224$331,518-4.31%$309,4362.52%

Disclaimer

All of the data for the monthly real estate market updates are taken directly from the 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 statistics for the Abbotsford real estate market.

Or, better still, speak directly with an Abbotsford real estate agent who will be able to provide you with the most accurate, up to the minute information on – and insights into – the Abbotsford real estate market.

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