Deanna Horn, president of the Board, puts the numbers into context. “May’s sales were 16 per cent below our ten-year average, 1,760 sales for that month. Considering how busy the market has been in the last decade that represents solid sales activity, slower yes, but steady. " 

“What’s changed most is the increase in inventory. The last time this many homes were available on Fraser Valley’s MLS® in May was in 1995.” 

Horn adds, “Tremendous selection allows buyers the luxury to find the right home, comparison shop and gives their REALTORS® the ability to negotiate hard on their behalf. 

“For sellers, getting specific advice about home values in your local neighbourhood is crucial in a competitive market.” 

In May, the benchmark price for Fraser Valley detached homes was $515,375, a 10.6 per cent increase compared to $465,939 in May 2009.  The average number of days to sell a detached home in May was 43 days, one day faster than it was in May of last year.  

The benchmark price of Fraser Valley townhouses in May was $328,295, a 10.1 per cent increase compared to $298,308 in May 2009. Townhomes in May sold on average 27 days faster than they did a year ago – 39 days compared to 66 days in 2009. 

The benchmark price of apartments increased by 8.6 per cent year-over-year going from $232,170 in May 2009 to $252,221 in May 2010.  The average days to sell in May for apartments in the Fraser Valley was 51 compared to 69 days during the same month last year.