The Fraser Valley Real Estate Board recently published the MLS® statistics for the real estate market, among others, for May 2019.
In this post, we’re going to take a close look at key numbers for the detached home market for May 2019 – including sales, new listings, active listings, as well as benchmark, median and average prices for detached homes for sale in .
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.
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 – President, Fraser Valley Real Estate Board
And we're going to look at how the Abbotsford MLS® numbers for May 2019 compare with the numbers for May 2018 and for April 2019.
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 2019.
- 100 Sales
- 253 New Listings
- 472 Active listings
- $803,300 Benchmark Price
- $790,500 Median Price
- $820,276 Average Price
The sales-to-active-listings ratio netted out a market absorption rate of 21.19%, indicating that it was a Seller's Market for detached homes in 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 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 2019:
- There were 100 detached home sales in in May 2019 – a decrease of -15.97% over May 2018 and an increase of 14.94% over April 2019
- There were 253 new listings of detached homes in in May 2019 – an increase of 1.61% over May 2018 and an increase of 25.25% over April 2019
- The average price of a detached home in in May 2019 was $820,276 – a decrease of -2.93% over May 2018 and an increase of 1.60% over April 2019
If you're really keen to understand what happened in the market for detached home in in May 2019, 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 2019 and see how it compares with the previous year and previous month.
Detached Home Stats
| Metric | May 2019 | May 2018 | % Change | Apr 2019 | % Change |
|---|---|---|---|---|---|
| Sales | 100 | 119 | -15.97% | 87 | 14.94% |
| New Listings | 253 | 249 | 1.61% | 202 | 25.25% |
| Active Listings | 472 | 355 | 32.96% | 394 | 19.80% |
| Benchmark Price | $803,300 | $836,600 | -3.98% | $805,500 | -0.27% |
| Median Price | $790,500 | $805,000 | -1.80% | $777,500 | 1.67% |
| Average Price | $820,276 | $845,037 | -2.93% | $807,396 | 1.60% |
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.