Inventory Builds As Summer Slowdown Hits
News Release: August 02, 2018
(Surrey, BC) – Fraser Valley Housing Market Monthly Update – Overall housing supply continued to grow in July as sales dropped to their lowest point this year since January.
The Fraser Valley Real Estate Board processed 1,290 sales of all property types on its Multiple Listing Service® (MLS®) in July, a decrease of 33.4 per cent compared to the 1,937 sales in July of last year, and a 11.2 per cent decrease compared to the 1,452 sales in June 2018.
Of the 1,290 sales processed last month 364 were townhouses and 337 were apartments, together representing 53 per cent of all transactions in July.
Active inventory for the Fraser Valley in July finished at 7,399 listings, increasing 3.6 per cent month-over-month and 23.9 per cent year-over-year.
"Despite a much healthier level of inventory, demand continues to be influenced by pricing and market barriers such as mortgage stress test and rising interest rates", John Barbisan, President of the Board, said." On top of that, summer is busy for people and usually a slow season for real estate."
The Board received 2,921 new listings in July, a 7 per cent decrease from June 2018's 3,140 new listings, and a 11.5 per cent decrease compared to July 2017's intake.
"A slower market like this one is an excellent opportunity for buyers to explore their options and enjoy a more relaxed purchasing environment", Barbisan continued. "If you're looking, talk to a REALTOR® who can help you get a full view on everything available that fits your needs."
For the Fraser Valley region the average number of days to sell an apartment in July was 21, and 24 for townhomes. Single family detached homes remained on the market for an average of 31 days before selling.
HPI® Benchmark Price Activity
- Single Family Detached: At $1,017,400, the Benchmark price for a single family detached home in the Valley decreased 0.1 per cent compared to June 2018, and increased 5.3 per cent compared to July 2017.
- Townhomes: At $557,500, the Benchmark price for a townhome in the Fraser Valley increased 0.1 per cent compared to June 2018, and increased 14.7 per cent compared to July 2017.
- Apartments: At $450,400, the Benchmark price for apartments/condos in the Fraser Valley decreased 0.7 per cent compared to June 2018, and increased 32 per cent compared to July 2017.