SURREY, BC – While sales in
August remained above the ten-year average for the month historically, the
number of transactions processed in the Fraser Valley continued to decrease
following this year’s bustling spring.
The Fraser Valley Real Estate
Board processed 1,694 sales of all property types on its Multiple Listing
Service® (MLS®) in August, a decrease of 2.3 per cent compared to the 1,734
sales in August 2015, and a 13.7 per cent decrease compared to the 1,962
transactions processed in July 2016.
“The numbers here aren’t
alarming; they’re expected, and what we’re used to seeing around this time.
Homebuyers should be encouraged that sales have slowed, giving inventory a
chance to build back up and competition within the market to cool down,” said
Board President Charles Wiebe.
The Board received 2,840 new
listings in August, an increase of 15.6 per cent compared to August of last
year, and a 12 per cent decrease from July 2016. The total active inventory for
August was 6,102, down 17.6 per cent from last year’s 7,407 active listings but
up 1.5 per cent from July.
"With sales activity
moderating to more normal levels, we're beginning to see prices follow-suit,
and even drop for certain housing types in some of our communities.
“Regardless, this is still a
challenging and volatile market. Talk to your REALTOR® who can help you
understand what's happening right now and what you can realistically achieve as
a seller or buyer."
Across Fraser Valley, the
average number of days to sell a single family detached home in August 2016 was
20 days, compared to 32 days in August 2015.
The MLS® HPI benchmark price of
a Fraser Valley single family detached home in August was $888,600, an increase
of 41.2 per cent compared to August 2015 when it was $629,400.
In August, the benchmark price
of townhouses was $418,400, an increase of 36.4 per cent compared to $306,700
in August of 2015. The benchmark price of apartments also increased
year-over-year by 29.7 per cent, going from $191,900 in August 2015 to $248,800
in August 2016.
