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August Real Estate Market Update for Fraser Valley


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Blog by Liz Penner | September 10th, 2018


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New Fraser Valley listings stood-up as spring market fails to show in August

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.

 

Wondering what your neighbour's place sold for? Want to know what your place is worth?

Are you looking our your window at your neighbour's place and wondering what the sold price was? No need to wonder, just give me a call or send me an email and I can look up the sale price for you. 

I can do other things as well such as getting you recent sale prices in your condo building or townhome complex. I can set up neighbourhood or address searches on an auto-notification and send you an email every time a new listing comes online or a sale occurs. I can also give you a quick CMA and let you know what your place is worth.

If you are wanting an exact price for your home then I'm happy to pop over anytime and give you a no-obligation market analysis of your home.

Do you have a mom, cousin, neighbour or co-worker wanting some more information about their home? I can help, just tell them to get in touch with me and I'll give them any type of information or assistance they need.

 
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Liz Penner
Greyfriars Realty
Liz Penner.com
604-376-3350
#250-2411 160 Street 
SURREY BC V3S08C
CANADA