The number of condos and townhouses sold in 91原创 in April was almost back to levels seen a year ago, before a spectacular slowdown in the market sparked by interest rate hikes.

Detached houses, however, were recovering somewhat slower, according to statistics released on Tuesday, May 2 by the Fraser Valley Real Estate Board (FVREB).

Overall across the region, sales were up from March as the spring real estate season continued, although still considerably lower than at the same time last year.

Local realtor Harman Kaur, with Team 3000 Realty, said things have been a lot busier in April than they were at the start of the year.

She said interest rates have stabilized recently, which has drawn in buyers.

鈥淭hey just want to hop on the opportunity, before it shoots back up,鈥� she said.

However, that has not drawn in a flood of people selling their homes.

鈥淪ellers are expecting to get the top dollar value for their properties,鈥� Kaur said, based on prices from last year.

In 91原创 93 single family homes sold in April, which is 14.7 per cent lower than the same month last year, as well as 13.1 per cent lower than the number of houses that changed hands in March.

Meanwhile, 94 townhouses sold in April, down just 3.1 per cent from the same month a year ago, and down 7.8 per cent from March.

There were 117 condo apartments changing hands in April, a 2.5 per cent decline year-over-year, but 13 per cent lower than in March.

Prices edged up month over month for all types of homes in 91原创.

The benchmark price of a detached house 鈥� the benchmark is the average price of a 鈥渢ypical鈥� home 鈥� was $1.54 million, up from $1.48 million in March. That鈥檚 still 17 per cent lower than last year, when prices peaked in the early spring at about $1.87 million.

The benchmark townhouse was $811,200, up 1.9 per cent from $796,400 in March, down 13.2 per cent from April 2022. Condo benchmark prices

The number of homes for sale continues to be an issue, as the number of detached houses and townhouses on the market has shrunk significantly from last year.

There were 201 houses listed for sale in 91原创 in April, compared to 301 a year earlier. As for townhouses, 93 were listed last month, compared to 176 a year ago. Only condos saw an increase in listings, with 224 up for sale, up slightly from 209 in the same month last year.

Prices and demand for homes have swung wildly since the start of the pandemic.

After a very brief stall in home buying in the first few months after the March 2020 lockdowns, the real estate market exploded over the next two years. The average price of a detached home in the Fraser Valley shot up from just over $1 million to $1.9 million at its peak in early 2022.

Then, as inflation began to bite and central banks, including in Canada, raised interest rates rapidly, prices dropped like a rock, bottoming out at about $1.3 million just a few months ago.

Since then, they鈥檝e crept back up and are now above $1.5 million for the region again.

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