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Active listings, at
6,413, remained relatively unchanged from June and were up 30.9 per cent
over last July — bringing the sector into balance for townhomes and
detached homes (sales-to-active ratios: 18 per cent and 12 per cent,
respectively); and favouring sellers slightly for apartments (28 per
cent). The market is considered balanced when the sales-to-active ratio
is between 12 per cent and 20 per cent.
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The weaker demand
resulted in prices dropping for the fourth consecutive month, most
notably for detached homes which ended the month with a benchmark price
of $1,594,400, down 3.5 per cent from last month and by 10.2 per cent
since peaking at $1,776,700 in March. Residential combined properties
benchmark prices are still up year-over-year by 18.1 per cent.
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“It is important to
keep in mind that real estate is and always will be an asset with
considerable upside over the long-term,” said Fraser Valley Real Estate
Board President, Sandra Benz. “As prices come down from the highs of
recent months, there are opportunities for buyers who have been waiting
to re-enter the market and shop for the right property."
Across the Fraser
Valley in July, the average number of days to sell a single-family
detached home was 24 and a townhome was 19 days. Apartments took, on
average, 21 days to sell.
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“With rising interest
rates and uncertainty in the market, it is even more important to seek
out the guidance of a professional REALTOR®,” said Board CEO, Baldev
Gill. “Their ability to tap into the latest data and market intelligence
— down to the neighbourhood level — allows buyers and sellers to make informed
decisions about one of the largest transactions they’ll ever make.”
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