Buyers and sellers in the Fraser Valley took advantage of the record breaking hours of sunshine in July as both sales and listings on the Fraser Valley Real Estate experienced a noticeable lift. The Board processed 1,456 sales in July, an increase of 5 per cent compared to the 1,393 sales in July of last year and 10 per cent more than were processed in June. By historical comparison, sales in July ranked sixth going back to 2004.
For over a year, monthly sales in the Fraser Valley have been trending at 10-year lows but sale, pricing and activity is still highly specific to area at any given time. Sales and listings in the Sullivan/Panorama area across property types have been slow/low over the last month.
In July, the benchmark price of single family detached homes in the Fraser Valley was $551,000, virtually on par with $551,400 during the same month last year. For townhouses, the benchmark price was $297,800, a decrease of 1.8 per cent compared to $303,400 in July 2012 and the benchmark price of apartments was $202,000, 2 per cent less than in July 2012 when it was $206,200.
The good news is the six month trend is showing one to two per cent increases for all property types and Fraser Valley’s sales-to-active-listings ratio – a comparison of sales and inventory that measures the health of the market – was 14 per cent for all property types and 18 per cent for single family detached homes and townhomes, both indicators showing stability in the marketplace and underlying the return to an average or typical housing market.
If you or anyone you know is considering a move this fall - consider the Jenn & Colin Team, we would love to help!
Enjoy the rest of your summer!