Wednesday, August 4, 2021

Fraser Valley home sales remained steady

in July; lowest supply in forty years

in July, however buyers continued to significantly outnumber sellers resulting

in inventory reaching the lowest for the month since 1981.

The Board processed a total of 2,006 property sales on its Multiple Listing

Service® (MLS®) in July, a decrease of 11 per cent compared to June and

a 4.5 per cent decrease compared to the same month last year. Sales

continued to remain above normal for July – 15 per cent above the ten-year

average.

Larry Anderson, President of the Board, said, “A summer slowdown is typical.

We anticipated that once people could travel and enjoy family time safely,

they would do so, and we couldn’t be happier for everyone.

“Demand for homes in our region, however, remains above average – for

fourteen months we have been in a seller’s market for Fraser Valley detached

homes, townhomes and condos – and yet for the last four months, new listings

in our region have been decreasing.”

In July, the Board received 2,431 new listings, a decrease of 31.5 per cent

compared to last year, and a decrease of 22 per cent compared to June 2021.

The month ended with total active inventory sitting at 4,901, a 10.5 per cent

decrease compared to June, and 33 per cent fewer than July 2021.

Baldev Gill, Chief Executive Officer of the Board, added, “To put our market in

perspective, we just came off the third highest sales for July in the last ten years,

while home buyers looking to invest in the Fraser Valley had the same level of

inventory to choose from that they had forty years ago.

“For the market to reach equilibrium and upward pressure on prices to decrease,

we need more inventory.”

Across Fraser Valley, in July, the average number of days to sell a single-family

detached home was 26 and a townhome was 15 days. Apartments took, on

average, 24 days to sell.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,319,200, the Benchmark price for an FVREB single-family detached home decreased 0.4 per cent compared to June 2021 and increased 30.9 per cent compared to July 2020.
Townhomes: At $688,400, the Benchmark price for an FVREB townhome increased 1.5 per cent compared to June 2021 and increased 22.3 per cent compared to July 2020.
Apartments: At $494,000, the Benchmark price for an FVREB apartment/condo increased 0.1 per cent compared to June 2021 and increased 13.0 per cent compared to July 2020.