The Fraser Valley Real Estate Board recently published the MLS® statistics for the real estate market, among others, for May 2017.
In this post, we’re going to take a close look at key numbers for the detached home market for May 2017 – 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.
The further we get into this year’s market, the less 2016 looks like an anomaly in terms of demand and sales activity. If it wasn’t clear before, the Fraser Valley is now a prime, highly sought-after destination for home owners of all types.
Gopal Sahota, President of the FVREB – President, Fraser Valley Real Estate Board
And we're going to look at how the Abbotsford MLS® numbers for May 2017 compare with the numbers for May 2016 and for April 2017.
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 May 2017.
- 209 Sales
- 265 New Listings
- 289 Active listings
- $728,700 Benchmark Price
- $745,000 Median Price
- $767,932 Average Price
The sales-to-active-listings ratio netted out a market absorption rate of 72.32%, indicating that it was a Seller's Market for detached homes in in May 2017 (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 May 2017:
- There were 209 detached home sales in in May 2017 – a decrease of -13.28% over May 2016 and an increase of 29.81% over April 2017
- There were 265 new listings of detached homes in in May 2017 – a decrease of -8.30% over May 2016 and an increase of 23.26% over April 2017
- The average price of a detached home in in May 2017 was $767,932 – an increase of 18.45% over May 2016 and an increase of 3.67% over April 2017
If you're really keen to understand what happened in the market for detached home in in May 2017, 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 May 2017 and see how it compares with the previous year and previous month.
Detached Home Stats
| Metric | May 2017 | May 2016 | % Change | Apr 2017 | % Change |
|---|---|---|---|---|---|
| Sales | 209 | 241 | -13.28% | 161 | 29.81% |
| New Listings | 265 | 289 | -8.30% | 215 | 23.26% |
| Active Listings | 289 | 324 | -10.80% | 272 | 6.25% |
| Benchmark Price | $728,700 | $614,900 | 18.51% | $703,600 | 3.57% |
| Median Price | $745,000 | $625,000 | 19.20% | $691,000 | 7.81% |
| Average Price | $767,932 | $648,305 | 18.45% | $740,761 | 3.67% |
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.