Overall housing supply continued to grow in July as sales dropped to their lowest point this year since January.
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July 2018 STATISTICS REPORT
Fraser Valley Real Estate Report
Summer is often a slower time for real estate and this, along with other factors including the mortgage stress test and rising interest rates, is reflected by sales dropping 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 346 were townhouses and 337 were apartments, together representing 53 per cent of all transactions in July.
See Listed Properties in Langley BC
This decrease in sales does not mean doom and gloom for the real estate market, in fact it is now a great time for buyers who may have been discouraged by the pace and bidding wars of the not so distant market, to revisit their home search.
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. Buyers now have the time and the inventory to make an informed, unhurried decision about their home purchase.
What does this mean for sellers? Inventory is still moving but sellers will need to be more patient and do what is necessary to highlight the selling features of their home due to more competition.
If you are considering selling, buying or just have questions about the market, please give us a call today and let’s chat.
See last months statistics –>> https://schreders.ca/fraser-valley-real-estate-market-june-2018/
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All Fraser Valley Areas Combined
Abbotsford – Mission – White Rock – Langley – Delta/North – Surrey Central – Cloverdale – Surrey/North
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Abbotsford
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Mission
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White Rock / South Surrey
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Langley
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Delta – North
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Surrey – Central
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Surrey – Cloverdale
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Surrey – North
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What Does The Fraser Valley Real Estate Board Have To Say?
Inventory builds as summer slowdown hits
SURREY, BC – 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 346 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 the mortgage stress test and rising interest rates,” remarked Board President John Barbisan. “On top of that, summer is busy for people and usually a slow season for real estate.”
2,921 new listings were received by the Board 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,” continued Barbisan. “If you’re looking, talk to your 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 Fraser 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 in the Fraser Valley decreased 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.
Find the July Statistics Package here.
Get The Full Monthly Statistics Package
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