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.