“Real Estate Sales Are Hot This Summer” – Natasha Taylor
Property sales and new listings spiked to the second-highest numbers in ever recorded in July. Despite the recent pandemic, homebuyers are searching for their dream home resulting in a sellers’ market. Over 2,000 properties were sold and processed through the Fraser Valley Real Estate Board (FVREB) in the month of July. This surge in property sales is an increase of 44 percent over last year and 25 percent above the ten-year average.
North Delta, Cloverdale, Langley, Abbotsford and Mission have all seen strong sales as many Vancouverites seek property outside of the downtown core. Much of the demand we’re seeing is likely due to 2020’s slow spring since most people were abiding by the shelter in place orders. Many families are now seeking larger homes with big lots and fewer neighbours as shown by record-high sales in detached homes across the Fraser Valley.
Total Sales Per Property Type
- Apartments: 430
- Townhouses: 555
- Detached Home: 867
Average Number on the Market:
- Apartment: 34
- Townhouses: 28
- Detached Homes: 34
Average Benchmark Price:
- Apartment: $437,300 (Up 3.8%)
- Townhouse: $563,200 (Up 3.3%)
- Detached Home: $1,008,000 (Up 5.3%)
Across the Fraser Valley region, detached homes saw the largest improvement over last year’s sales numbers with a staggering 55.7% increase over July 2019. Surrey Central led the scoreboard with a 106.5% lead over last year’s numbers, White Rock / South Surrey followed in behind with a 78.1% increase in sales. The average price per detached home rose 14.3% over last year’s average price.
Chris Shields, President of FVREB, is pleasantly surprised by the current market conditions, “In the context of the current pandemic environment, our market is significantly ahead of what we anticipated. We’re seeing market conditions representing a seller’s market for townhomes and single-family homes in the Fraser Valley. For example, in North Delta, Cloverdale, Langley, Abbotsford and Mission, for every 100 active detached listings, 40 or more sold in July.”
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.