Fraser Valley Housing Market Monthly Update
Fraser Valley Home Sales Still Strong Despite Summer Slowdown
News Release: August 02, 2017
(Surrey, BC) – Fraser Valley Housing Market Monthly Update – In July, sales activity remained strong despite month-over-month decreases for each of the three major residential property types. For the Fraser Valley Real Estate board this July was historically the sixth strongest.
The Fraser Valley Real Estate Board processed 1,937 sales of all property types on its Multiple Listing Service® (MLS®) in July, a decrease of 1.3 per cent compared to the 1,962 sales in July of last year, and a24.7 per cent decrease compared to the 2,571 sales in June 2017.
Of the 1,937 sales processed last month, 447 were townhouses and 544 were apartments. This is the twelfth consecutive month attached sales have outpaced detached sales in the region.
"Even though activity has eased off for the summer we're continuing to see the same trends we've seen all year. Namely strong demand for attached-style homes and slight but steady increases in pricing," said Gopal Sahota, Board President.
Total active inventory for the Fraser Valley in July was 5,970 listings, a decrease of 0.7 per cent year-over-year, and an increase of 8.8 per cent compared to the inventory available in June 2017.
The Board received 3,301 new listings in July, a 2.3 per cent increase from last year's new listings for the month, and an 11 per cent decrease compared to the 3,707 new listings available in June 2017.
"Thankfully we're continuing to see greater amounts of inventory come on to the market, with homes that are priced effectively still selling fast and encountering multiple offer situations," continued Sahota.
"If you're looking to buy, you'll be in the best position to do so if you know what you want and can make a decision quickly. Talk to a REALTOR® to help you get where you need to be."
For the Fraser Valley region, the average number of days to sell a single family detached home in July 2017 was 24 days, compared to 18 days in July of last year.
HPI® Benchmark Price Activity
- Single Family Detached: At $915,800, the Benchmark price for a single family detached home in the Valley increased 3 per cent compared to April 2017, and increased 9.8 per cent compared to May 2016.
- Townhomes: At $458,900, the Benchmark price for a townhome in the Fraser Valley increased 2.9 per cent compared to April 2017, and increased 25.7 per cent compared to May 2016.
- Apartments: At $295,000, the Benchmark price for apartments/condos in the Fraser Valley increased 3.4 per cent compared to April 2017, and increased 31 per cent compared to May 2016.