Market activity in the Fraser
Valley – both sales and new listings – softened 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.
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