Home prices soften as Fraser Valley housing market cools amid lower sales and higher…
Fraser Valley home sales rebound in July after lackluster June
SURREY, BC – A noticeable lift in home sales and slight decrease in new listings bolstered the Fraser Valley housing market in July.
The Fraser Valley Real Estate Board processed 1,458 sales of all property types on its Multiple Listing Service® (MLS®) in July, a 11.6 per cent increase compared to sales in June 2019, and a 13 per cent increase compared to the 1,290 sales in July of last year.
Chris Shields, President‐Elect of the Board, observed, “We’ve been expecting market improvement, but didn’t quite anticipate July’s momentum. We’ve gone from the worst June in almost 20 years to a July that’s only slightly below the 10‐year average. For both buyers and sellers, a return to an active, more balanced market is welcome news.”
“We attribute the change in July to pent‐up demand and an increase in consumer confidence. REALTORS® in our market saw more activity at open houses and an increase in the number of first‐time buyers. Data from our informal member market poll in July showed the highest level of first‐time buyer purchases in the Fraser Valley since early 2016.”
There were 8,340 active listings available in the Fraser Valley at the end of July, an increase of 12.7 per cent compared to July of last year and a decrease of 2.1 per cent compared to June 2019. The Board received 2,797 new listings in July, a 0.5 per cent decrease compared to June 2019’s intake of 2,810 new listings and a 4.2 per cent decrease compared to July of last year.
“Sales of single family detached in our region increased by over 18 per cent in July compared to last year,” added Shields. “Sellers are now recognizing that although listing prices are down, it’s also now more affordable to buy.”
HPI® Benchmark Price Activity:
- Single Family Detached: At $957,400, the Benchmark price for a single‐family detached home in the Fraser Valley decreased 0.3 per cent compared to June 2019 and decreased 6.3 per cent compared to July 2018.
- Townhomes: At $520,700, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 0.9 per cent compared to June 2019 and decreased 6.6 per cent compared to July 2018.
- Apartments: At $409,700, the Benchmark price for apartments/condos in the Fraser Valley remained unchanged compared to June 2019 and decreased 9 per cent compared to July 2018.
For the Fraser Valley region, the average number of days to sell an apartment in July was 37.9, and 31.7 for townhomes. Single family detached homes remained on the market for an average of 38.6 days before selling.
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.