Even with a characteristic seasonal dip in sales, the Fraser Valley real estate market experienced its best August since 2011 with volumes improving over last year and finishing 10 per cent below the 10-year average for the month – Yay!
Ray Werger, president of the Board, says, “As usual, we saw a typical summer slowdown in August compared to July, however like every month so far in 2014, August sales were higher than last year. It’s the continuation of the story we’ve seen all year; a return to a normal, balanced market.”
Generally in August, we saw sales of single family detached homes continue to outpace sales of townhouses and condos in the Fraser Valley. Depending on what property type you’re thinking of listing or buying markets for detached and attached homes are quite different.
We currently have only five months’ supply of detached homes and nine months’ of condos. With interest rates as competitive as they are combined with the increase of affordable, new townhome developments in Cloverdale and Langley in particular, we’re seeing first-time buyers bypass the condo phase to jump immediately to a larger, more expensive townhouse or a smaller single family home.
The MLS Home Price Index benchmark price of a single family detached house in the Fraser Valley in August was $569,800, an increase of 3.4 per cent compared to $551,000 in August 2013. For townhouses, the benchmark price in August was $298,500 on par with the August 2013 price of $298,200. The benchmark price of apartments in Fraser Valley in August was $196,700, a decrease of 3.5 per cent compared to $203,900 in August 2013.
Here is some food for thought from Peter Kinch’s The Mortgage Minute:
Just give it time. Real estate has it peaks and valleys, but there has never been a future peak that is lower than the past one.
Time is your ally. Time can turn any bad real estate decision into a good one.
Equity is your safety net. Equity supplements a pension and gives you financial options in your later years.
Your mortgage is a forced savings program.