Abbotsford real estate market update for the month of May, 2014.
Single Family Homes
Abbotsford single family homes continue to float around the 23% sales-to-listing market, providing a comfortable sellers market. Last year at this time, this ratio was 16%. Sales are up 18.9% from last year and listings are down -16.6%. Benchmark values continue to steadily rise as a result of the sellers market, with the typical Abbotsford home selling for $442,800 (+2.7% from May 2013, +0.7% from April 2014).
While Abbotsford’s townhouses remain in a balanced market (19.4%), benchmark values did take a hit with a -1.5% decrease from the previous month. The typical townhouse in the area sells for $210,800 which is a full -11.5% decrease since this time last year.
The City in the Country may not be selling apartments well, but those that do sell are selling for slightly higher. May experienced an 11.5% sales to listing ratio which is a strong buyers market, but benchmark prices did go up to $140,900, a healthy 3.8% increase from April (but still -16.1% from May 2014).
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Every month, I write a custom report for the municipalities in the Fraser Valley that I do most of my business in (Langley, Surrey, Abbotsford, White Rock). If you would like a report for another city (Delta or Chilliwack) and I can have one to you upon request. If you would like information on the Vancouver market or other communities across the river, please let me put you in touch with one of my trusted Realtors.
*Disclosure – the preceding represents the views of Brad Richert, REALTOR, and not of Macdonald Realty and/or any of its subsidiariesBrad Richert can be found selling real estate throughout the Fraser Valley. His articles can be found on the Today Media Network. If you would like to contact Brad, you can reach him at email@example.com