Inventory continues to climb in Fraser Valley as sales simmer

SURREY, BC – The Fraser Valley housing market kicked-off summer with a further increase to overall inventory and a downturn in sales across all major residential property types.


The Fraser Valley Real Estate Board processed 1,452 sales of all property types on its Multiple Listing Service® (MLS®) in June, a decrease of 43.5 per cent compared to the 2,571 sales in June of last year, and a 17.4 per cent decrease compared to the 1,758 sales in May 2018.


Of the 1,452 sales processed last month 364 were townhouses and 392 were apartments, together representing 52 per cent of all transactions in June.


Active inventory for the Fraser Valley finished at 7,141 listings last month, increasing 6 per cent month-over-month and 30.1 per cent year-over-year.


“Demand is shifting back towards typical levels for our region, and market activity is reflecting that,” John Barbisan, President of the Board, said. “This has given our inventory a much-needed chance to recover and move the Valley towards a more balanced real estate landscape.”


The Board received 3,140 new listings in June, a 20.8 per cent decrease from May 2018’s 3,965 new listings, and a 15.3 per cent decrease compared to June 2017.


"One thing that isn’t changing quickly is pricing; prices are still increasing but we continue to see a gradual slowdown in upwards movement,” Barbisan continued. "If home prices are keeping you back from selling or starting to look for a new home, talk to a REALTOR® who can provide a comprehensive view of communities you're interested in and what opportunities are available there."


For the Fraser Valley region the average number of days to sell an apartment in June was 21, and 19 for townhomes. Single family detached homes remained on the market for an average of 26 days before selling.


HPI® Benchmark Price Activity 


• Single Family Detached: At $1,018,900, the Benchmark price for a single family detached home in the Valley decreased 0.2 per cent compared to May 2018, and increased 9 per cent compared to June 2017.


• Townhomes: At $558,000, the Benchmark price for a townhome in the Fraser Valley increased 0.5 per cent compared to May 2018, and increased 19.5 per cent compared to June 2017.


• Apartments: At $453,500, the Benchmark price for apartments/condos in the Fraser Valley increased 0.1 per cent compared to May 2018, and increased 39.4 per cent compared to June 2017.


Full package:
http://www.fvreb.bc.ca/statistics/Package201806.pdf

Read full post
Categories:   100 Mile House - Town, 100 Mile House (Zone 10) Real Estate | Abbotsford East, Abbotsford Real Estate | Bridge Lake/Sheridan Lake, 100 Mile House (Zone 10) Real Estate | Brighouse, Richmond Real Estate | Brookswood Langley, Langley Real Estate | Cambie, Vancouver West Real Estate | Campbell Valley, Langley Real Estate | Central Coquitlam, Coquitlam Real Estate | Clayton, Cloverdale Real Estate | Cloverdale BC, Cloverdale Real Estate | Collingwood VE, Vancouver East Real Estate | Crescent Bch Ocean Pk., South Surrey White Rock Real Estate | East Central, Maple Ridge Real Estate | East Newton, Surrey Real Estate | Elgin Chantrell, South Surrey White Rock Real Estate | Grandview Surrey, South Surrey White Rock Real Estate | Hatzic, Mission Real Estate | Hazelmere, South Surrey White Rock Real Estate | Holly, Ladner Real Estate | King George Corridor, South Surrey White Rock Real Estate | Ladner Elementary, Ladner Real Estate | Langley City, Langley Real Estate | Maillardville, Coquitlam Real Estate | Morgan Creek, South Surrey White Rock Real Estate | Mount Pleasant VE, Vancouver East Real Estate | Queen Mary Park Surrey, Surrey Real Estate | Roche Point, North Vancouver Real Estate | Salmon River, Langley Real Estate | Scottsdale, N. Delta Real Estate | South Meadows, Pitt Meadows Real Estate | Southwest Maple Ridge, Maple Ridge Real Estate | Sullivan Station, Surrey Real Estate | Sunnyside Park Surrey, South Surrey White Rock Real Estate | Sunshine Hills Woods, N. Delta Real Estate | Surrey Real Estate | Whalley, North Surrey Real Estate | White Rock, South Surrey White Rock Real Estate | Willoughby Heights, Langley Real Estate
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.