“Fraser Valley home sales still strong despite summer slowdown.”
In looking at last month’s real estate statistics package compiled by the Fraser Valley Real Estate Board there are several key points that stand out to me:
1. Greater Inventory of Homes
In July 2017, the total active inventory of listings totalled 5,970 which is an 8.8% increase compared to previous month.
2. Strong Demand for Attached Homes
For the 12th consecutive month, sales for attached homes (townhouses and condos) have outpaced sales for detached homes in the Fraser Valley region. Of 1,937 sales processed by the Fraser Valley Real Estate Board, 447 were townhouses and 544 were apartments/condos.
3. Consistent Trends in Demand and Increasing Prices
Gopal Sahota, the Fraser Valley Real Estate Board President comments:
“Even though activity has eased off for the summer we’re continuing to see the same trends we’ve seen all year. Namely, strong demand for attached-style homes and slight but steady increases in pricing.”
It took an average of 24 days to sell a single family attached home (compared to 18 days in July 2016). Sahota says that homes that are priced right are still selling fast and encountering multiple offer situations.
4. Buyers Need to Be Decisive
In a market like this, Sahota tells buyers that they need to know what they want and be ready to make a decision quickly. He says to talk with a REALTOR® to help you get exactly what you want.
HPI Benchmark Price Activity
| Property Type (Fraser Valley) |
Benchmark Price (July 2017) |
Change from Last Month (June 2017) |
Change from Last Year |
| Single Family Detached | $966,000 | 3.4% | 10.0% |
| Townhomes | $485,900 | 4.0% | 18.1% |
| Condos/Apartments | $341,100 | 4.9% | 33.3% |
| City |
Detached House |
Townhouse |
Condo/Apartment |
| Abbotsford | $770,700 | $334,000 | $256,200 |
| White Rock/South Surrey | $1,523,700 | $638,400 | $434,900 |
| Langley | $991,100 | $461,500 | $352,200 |
| North Delta | $907,700 | $555,400 | $325,300 |
| Surrey – Central | $988,000 | $521,200 | $344,600 |
| Surrey – Cloverdale | $994,500 | $538,600 | $394,000 |
| Surrey – North | $925,100 | $480,000 | $324,400 |
You can view the full July 2017 Statistics Package here.
For more information on the current state of the real estate market or to discuss the best strategy to buy or sell this summer yet, please contact our Sutton real estate agents by calling 778-316-4290.
You can also contact us online.
