Fraser Valley home sales were flat in July; the lowest
SURREY, British Columbia, August 04, 2021 (GLOBE NEWSWIRE) – Market activity in the Fraser Valley – both sales and new listings – weakened in July, but buyers continued to be significantly outnumbering sellers, resulting in inventories reaching the lowest of the month since 1981.
The Board processed a total of 2,006 real estate sales on its Multiple Listing Service® (MLS®) in July, down 11% from June and 4.5% from the same month last year. Sales remained above normal in July – 15% above the ten-year average.
Larry Anderson, Chairman of the Board, said: “A summer downturn is typical. We planned that once people could travel and enjoy safe family time, they would, and we couldn’t be happier for everyone.
“Demand for homes in our area, however, remains above average – for the past fourteen months we’ve been in a seller’s market for single-family homes, townhouses and condos in the Fraser Valley – and yet over the past four months, new listings in our region have declined. . “
In July, the Council received 2,431 new registrations, a decrease of 31.5% from last year and a decrease of 22% from June 2021. The month ended with a total active inventory of 4,901, a decrease of 10.5% compared to June and 33% less than in July 2021.
Baldev Gill, Chairman and CEO of the Board, added: “To put our market in perspective, we just completed the third highest sales for July in the past ten years, while buyers of house looking to invest in the Fraser Valley had the same level of inventory to choose from as they had forty years ago.
“In order for the market to reach equilibrium and for the upward pressure on prices to decrease, we need more inventory.”
Across the Fraser Valley in July, the average number of days to sell a detached single-family home was 26 and a townhouse was 15 days. Apartments took, on average, 24 days to sell.
MLS® HPI Benchmark Price Activity
- Single-family individual: At $ 1,319,200, the benchmark price for an FVREB single family detached house decreased 0.4% from June 2021 and increased 30.9% from July 2020.
- Townhouses: At $ 688,400, the benchmark price for an FVREB Townhouse increased by 1.5% compared to June 2021 and by 22.3% compared to July 2020.
- Apartments: At $ 494,000, the benchmark price for an FVREB apartment / condo increased 0.1% from June 2021 and 13.0% from July 2020.
The Fraser Valley Real Estate Board is an association of 4,071 real estate professionals who live and work in the communities of Abbotsford, Langley, Mission, North Delta, Surrey and White Rock in British Columbia. The FVREB will celebrate its 100th anniversary in October 2021.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b3bc2d75-5b65-47ec-899b-ce07f846628a