Seasonal dip in sales; home prices continue to hold steady in the Fraser Valley
The Fraser Valley Real Estate Board processed 1,393 sales on the Multiple Listing Service® (MLS®) in July, an increase of 5 per cent compared to the 1,322 sales during the same month last year, and 5 per cent fewer than the 1,463 sales in June. At the same time, the board posted 2,938 new listings on the MLS® in July – on par with last year and just slightly more than the number received in June, resulting in July finishing with 10,813 active listings.
Scott Olson, president of the Board, says, “I keep trying to find another word other than stable, but it continues to be the best way to describe the Fraser Valley market. While our inventory remains at above-average levels, our sales are sufficiently steady to keep prices consistent.
“One factor in our favour and likely influencing our market is greater affordability. We sold 25 per cent more townhomes in July 2012 and 7 per cent more condos compared to the same month last year with over half of the townhomes selling for less than $325,000 and half of the condos for less than $210,000.”
The sale of single family detached homes in the Fraser Valley increased by only 1 per cent in July compared to last year. The area that experienced the greatest year-over-year decrease in sales – at 32 per cent – was South Surrey/White Rock where a typical single family detached home was valued at just under $880,000. “We are seeing a reduction in sales of higher-end homes. Last July was one of the busiest on record in that area, so the decrease appears sharper. South Surrey/White Rock would normally see about 100 detached homes sell in July and last month 86 sold, keeping the market competitive and prices resilient,” explains Olson.
Across the Fraser Valley, the benchmark price of a single family detached house in July was $551,400, an increase of 3.4 per cent compared to $533,400 in July 2011.
For townhouses, the benchmark price in July was $303,400, a decrease of -0.6 per cent compared to $305,200 during the same month last year. The benchmark price of apartments in Fraser Valley in July was $206,200, an increase of 2.5 per cent compared to $201,200 in July 2011.
Olson adds, “Real estate is highly local. Depending on the property type and community, prices can be up by 8 per cent or down by 5 per cent compared to a year ago. Contact your REALTOR® for accurate, detailed data about your neighbourhood.”
See the full statistics package for July here.