Fraser Valley home sales rebound in July after lackluster June

A noticeable lift in home sales and slight decrease in new listings bolstered the Fraser Valley housing market in July.  

The Fraser Valley Real Estate Board processed 1,458 sales of all property types on its Multiple Listing Service® (MLS®) in July, a 11.6 per cent increase compared to sales in June 2019, and a 13 per cent increase compared to the 1,290 sales in July of last year.   

Chris Shields, President‐Elect of the Board, observed, “We’ve been expecting market improvement, but didn’t quite anticipate July’s momentum. We’ve gone from the worst June in almost 20 years to a July that’s only slightly below the 10‐year average. For both buyers and sellers, a return to an active, more balanced market is welcome news.”

“We attribute the change in July to pent‐up demand and an increase in consumer confidence. REALTORS® in our market saw more activity at open houses and an increase in the number of first‐time buyers. Data from our informal member market poll in July showed the highest level of first‐time buyer purchases in the Fraser Valley since early 2016.”  

There were 8,340 active listings available in the Fraser Valley at the end of July, an increase of 12.7 per cent compared to July of last year and a decrease of 2.1 per cent compared to June 2019. The Board received 2,797 new listings in July, a 0.5 per cent decrease compared to June 2019’s intake of 2,810 new listings and a 4.2 per cent decrease compared to July of last year.

“Sales of single family detached in our region increased by over 18 per cent in July compared to last year,” added Shields.   “Sellers are now recognizing that although listing prices are down, it’s also now more affordable to buy.”

HPI® Benchmark Price Activity:
– Single Family Detached: At $957,400, the Benchmark price for a single‐family detached home in the Fraser Valley decreased 0.3 per cent compared to June 2019 and decreased 6.3 per cent compared to July 2018.
– Townhomes: At $520,700, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 0.9 per cent compared to June 2019 and decreased 6.6 per cent compared to July 2018.
– Apartments: At $409,700, the Benchmark price for apartments/condos in the Fraser Valley remained unchanged compared to June 2019 and decreased 9 per cent compared to July 2018.

For the Fraser Valley region, the average number of days to sell an apartment in July was 37.9, and 31.7 for townhomes. Single family detached homes remained on the market for an average of 38.6 days before selling.

Below are the detailed statistics:

Detached House Statistics

 

Sales

New Listings

Active Listings

Benchmark Price

Average Price

Abbotsford

104

148

469

$808,000

$831,739

White Rock/South Surrey

72

192

697

$1,333,000

$1,304,534

Langley

96

149

419

$983,100

$1,007,089

Delta – North

49

74

217

$881,000

$964,118

Surrey – Central

90

246

643

$1,004,100

$1,008,625

Surrey -Cloverdale

46

108

196

$994,900

$945,245

Surrey – North

50

120

  371

$929,600

$960,080

 

Townhouse Statistics

 

Sales

New Listings

Active Listings

Benchmark Price

Average Price

Abbotsford

46

85

 210

$379,500

$473,190

White Rock/South Surrey

63

109

 272

$635,900

$701,886

Langley

95

154

277

$494,200

$556,301

Delta – North

8

14

33

$580,500

$654,937

Surrey – Central

105

165

 368

$565,600

$566,450

Surrey -Cloverdale

39

74

164

$552,600

$561,456

Surrey – North

23

37

93

$552,000

$505,708

 

Condos Statistics

 

Sales

New Listings

Active Listings

Benchmark Price

Average Price

Abbotsford

78

106

275

$314,800

$304,517

White Rock/South Surrey

52

100

  311

$492,900

$482,643

Langley

56

143

303

$410,200

$461,047

Delta – North

6

11

31

$375,400

$318,916

Surrey – Central

37

68

130

$413,200

$355,108

Surrey -Cloverdale

22

27

52

$446,700

$416,204

Surrey – North

92

163

416

$395,500

$391,999

For more information about the state of today’s market or how to become a buyer ready to make an attractive offer in this fast moving market, please contact The Taylor Team of Sutton WestCoast Realty by calling or texting 1-778-316-4290 or contacting us online.

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