Dear Clients, Neighbours, Friends and Family,
The Fraser Valley has just had the strongest June Market in 4 years! Phew! With such a slow start this year it has been great selling off early inventory to make room for some new listings.
The Multiple Listing Service® processed 26 per cent more sales compared to June of last year - 2 per cent higher than sales in May. That being said, in terms of historical comparison, June’s sales finished 7 per cent below the 10-year average for June with the previous best June occurring in 2010.
Recent news reports indicate that consumer optimism about real estate is at its highest level in a number of years and we’re experiencing that at the ground level with the recent sales –mostly due to pent-up demand. Over the last three months, we’ve seen a surge in demand specifically for single family homes and townhomes in most of our communities. Our number one buyer is families with children (co-incidentally our #1 seller too!) and they’re taking advantage of ultra-low interest rates combined with more affordable, stable prices in the Fraser Valley.
In June, the benchmark price of a ‘typical’ residential home – detached, townhouse and apartment combined – was 1.3 per cent higher than June of last year.
For the single family detached home, the HPI benchmark price in June was $568,600, an increase of 3 per cent compared to June 2013 when it was $552,200. This is a record high benchmark price for detached homes since the MLS® HPI began in January 2005. (Pointing to continued growth in the long term)
The HPI benchmark price of Fraser Valley townhouses decreased by 0.3 per cent; going from $298,700 in June 2013 to $297,800 in June 2014. The benchmark price of apartments was $197,000 last month, a decrease of 2.7 per cent compared to $202,500 in June of last year.
We’re essentially seeing two markets right now, so it’s important to get advice dependent on what you’re listing or buying. Competitively priced, mid-range single family homes are being snapped up quickly, on average in a little over a month, whereas condos, townhomes and higher-end, executive homes are taking as long as three months on average to sell.
When the time comes for your family to buy or sell we hope you think of us first – have an awesome summer!