Fraser Valley housing market continues to stabilize...

Fraser Valley housing market continues to stabilize as sales pick up compared to last year

For the second month in a row, home sales in the Fraser Valley surpassed 2018  levels bringing the market closer to historical norms. The Fraser Valley Real  Estate Board processed 1,297 sales of all property types on its Multiple Listing  Service® (MLS®) in August, an 11 per cent decrease compared to sales in July  2019, and a 12.3 per cent increase compared to the 1,155 sales in August of last  year. Darin Germyn, President of the Board, observed, "Compared to last year, this  August has been quite robust. All property types are selling and we're seeing  a resurgence in the single-family detached market. Across North Delta, Surrey   and Langley, sales are up over 25 per cent."   "It's great to see. We're returning to a normal, steady market. Our sales, new  listings and number of active listings in August were all slightly below the  10-year average."   There were 8,040 active listings available in the Fraser Valley at the end of   August, an increase of 9.6 per cent compared to August of last year and a   decrease of 3.6 per cent compared to July 2019. The Board received 2,357  new listings in August, a 15.7 per cent decrease compared to July 2019's  intake of 2,797 new listings and an 8.5 per cent decrease compared to  August of last year.   Germyn adds, "Inventory has stopped growing as demand has picked up, which  is why we're also seeing prices moderate. Last month, prices of typical homes  in the Fraser Valley were on par with prices from six months ago." HPI® Benchmark Price Activity Single Family Detached: At $954,100, the Benchmark price for a single-family detached home in the Fraser Valley decreased 0.3 per cent compared to July 2019 and decreased 5.4 per cent compared to August 2018. Townhomes: At $521,400, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley increased 0.1 per cent compared to July 2019 and decreased 4.9 per cent compared to August 2018. Apartments: At $409,200, the Benchmark price for apartments/condos in the Fraser Valley decreased 0.1 per cent compared to July 2019 and decreased 7.7 per cent compared to August 2018. For the Fraser Valley region, the average number of days to sell an apartment in August was 45, and 36 for townhomes. Single family detached homes remained on the market for an average of 44 days before selling. For the FULL latest Statistics Package click HERE Visit our web site for more great information, and to  view our Team Listings www.gelderman.ca Know someone moving ANYWHERE in the WORLD? Call us today--We know the BEST agents everywhere!! Serving Abbotsford, Chilliwack, Mission, Langley, Surrey and the WORLD! Office Phone: 604-743-7653