Fraser Valley Real Estate Boards Stats: May 2007

This months stats package just came out and has some useful tidbits:

"May’s increase in new listings at 3,691 was the second highest influx of new inventory on record for the Fraser Valley Board’s MLS®. New listings increased by 34 per cent compared to the same month last year taking the number of active listings in May to 8,381, an increase of 52 per cent compared to the 5,496 active listings in
May of 2006."

A 52% increase in inventory from last year is HUGE.  However, last spring was ridiculous, and we all saw what happened in the fall because of the over-paced spring market in 06.

The sales are at almost the same level as last spring, which was also at a record breaking level.

One of the more important factors in determining whether we're in a seller's market or a buyer's market is the ratio between active listings and sales in a month (the turnover of the total inventory).

This graph shows us at a 26% Sales to Active Listings ratio.  This means that 2152 of the approximately 8300 listings that were active through May sold.  The real estate powers that be have determined that we are in a balanced market with a Sales to Active Listing ratio between 17.5% and 22.5%.  In this case, we're still in a seller's market: as long as the sales continue to keep pace without the inventory rising too high.

I don't believe you can paint the entire market with the same brush however.  I believe that certain segments of the market are no longer in a Seller's market. 

With the inventory rising at a rapid rate, and the intereste rates following suit, we could be in for a slower summer.

View the current full statistics package - Click here. (PDF format)

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