Home and new listings have slightly slowed in July, says the Fraser Valley Real Estate Board (FVREB). This comes after months of record-breaking numbers.
But buyers continue to outnumber sellers, leading to the lowest amount of inventory since 1981, according to an Aug. 4 board update.
“A summer slowdown is typical. We anticipated that once people could travel and enjoy family time safely, they would do so, and we couldn’t be happier for everyone,” said Larry Anderson, president of the board.
“Demand for homes in our region, however, remains above average – for fourteen months we have been in a seller’s market for Fraser Valley detached homes, townhomes and condos – and yet for the last four months, new listings in our region have been decreasing.”
A total of 2,006 property sales were processed in July, an 11 per cent decrease compared to June and a 4.5 per cent decrease from the same month last year, according to FVREB. However, the sales were still 15 per cent above the ten-year average for July.
FVREB received 2,431 new listings for the month, a decrease of 31.5 per cent compared to last year, and a 22 per cent decrease compared to last month.
The active inventory at the end of the month was 4,901, a 10.5 per cent decrease compared to June, and 33 per cent fewer than July 2021.
“To put our market in perspective, we just came off the third highest sales for July in the last 10 years, while home buyers looking to invest in the Fraser Valley had the same level of inventory to choose from that they had forty years ago,” said Baldev Gill, CEO of the board.
“For the market to reach equilibrium and upward pressure on prices to decrease, we need more inventory.”
It took the FVREB an average 26 days to sell a home, 15 days to sell a townhome and 24 days to sell an apartment.
Benchmark price activity:
- Single Family Detached: At $1,319,200, the Benchmark price for an FVREB single-family detached home decreased 0.4 per cent compared to June 2021 and increased 30.9 per cent compared to July 2020.
- Townhomes: At $688,400, the Benchmark price for an FVREB townhome increased 1.5 per cent compared to June 2021 and increased 22.3 per cent compared to July 2020.
- Apartments: At $494,000, the Benchmark price for an FVREB apartment/condo increased 0.1 per cent compared to June 2021 and increased 13.0 per cent compared to July 2020.