Hi there clients, friends, family & colleagues,
June outperformed May in the Fraser Valley for sales (+22.9%) as new listings coming online slowed down- buyers were left to buy up the current inventory – which is still plentiful.
This unexpected pace could be due to a combination of the HST tax coming into effect (driving buyers away from new construction), mortgage rates edging down and the abundant supply of inventory that was already on the market. New listings typically slow throughout the summer and this should assist in stabilizing the market further.
Interestingly sales in Sullivan-Panorama-Cloverdale have dropped -10.8% from May to June 2010. Inventory here has been low and any new listings are getting bought up quickly - but only if the listing has been priced in line with its previous comparable sales.
Price in general has remained flat through 2010 (Sullivan -2.0% from May - June) and moving through the summer the market will likely remain price sensitive. The benchmark price for a detached home in Sullivan/Panorama is currently $600,680 and for a townhome $312,285.
Are you or anyone you know thinking of buying or selling in the near future? Let’s meet for coffee and chat about your best possible action plan.
Call anytime 604-583-2000 and have a great summer!
jenn & colin