Sales slide for fourth straight month as rising interest rates put brakes on Fraser…
Sales and new listings continue to set records in the Fraser Valley
SURREY, BC – The Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) saw the second highest number of property sales and the highest number of new listings in August within the last two decades, when 2,298 sales were recorded in August 2005.
The FVREB processed a total of 2,039 sales in August, a decrease of 2.9 per cent compared to sales in July, but an increase of 57.2 per cent compared to the 1,297 sales during August of last year. Last month’s sales were 39 per cent above the ten-year average for August, representing the highest August in the last decade and second only to what was recorded back in August 2005.
Chris Shields, President of the Board, indicated that, “we are seeing better sales volumes increase month over month because buyers are recognizing that the Fraser Valley offers increased choice and diversified housing opportunities, while offering more value as well.”
“In an unusual situation given the pandemic, we remain cautiously optimistic and are encouraged by the numbers we are seeing,” added Shields.
The Fraser Valley Board received 3,309 new listings in August, a 6.8 per cent decrease compared to July’s intake of 3,549 new listings and a 40.4 per cent increase compared to August of last year. August’s new listings were 28.9 per cent above the ten-year average for the month, the highest in the last ten years. Last month finished with 7,404 active listings, an increase of 0.9 per cent compared to July’s inventory and a decrease of 7.9 per cent year-over-year.
Baldev Gill, Chief Executive Officer of the Board, adds, “the highly competitive market with multiple offers and shorter days on market for various properties, provides further indication of the role REALTORS® are playing in this market. What we hear from our Realtor members is how consumers are seeking their guidance, advice and expertise during these unusual times.”
In August, the average number of days to sell an apartment was 36; 24 for townhomes, and 31 for single family detached.
MLS® HPI Benchmark Price Activity
- Single Family Detached: At $1,019,600, the Benchmark price for a single-family detached home in the Fraser Valley increased 1.2 per cent compared to July and, increased 6.9 per cent compared to August 2019.
- Townhomes: : At $563,900, the Benchmark price for a townhome in the Fraser Valley increased 0.1 per cent compared to July and increased 3 per cent compared to August 2019.
- Apartments: At $437,300, the Benchmark price for apartments/condos in the Fraser Valley remain unchanged compared to July and increased 4 per cent compared to August 2019.
1. Areas covered by the Fraser Valley Real Estate Board include: White Rock, Abbotsford, Mission, Langley, Delta-North & the City of Surrey – North Surrey, Central Surrey, Cloverdale and South Surrey.
Statistics for Related Areas
Statistics from Recent Months