Spiralling real estate sales appear to have settled last month, according to the Fraser Valley Real Estate Board’s August report.
Relatively steady sales combined with rising inventory following a long shortage continue to “bring balance” to the market, the report says, returning benchmarks to 2021 levels.
A total of 1,017 sales were made last month, a slight increase of 2.4 per compared to July, and a decrease of 51.3 per cent from August, 2021.
More than double that was put on the market, with the board receiving 2,045 new property listings, a decrease of 14.3 per cent compared to July, a 2.9 per cent from August, 2021. Total active inventory by the end of the summer sits at 5,871, a decrease of 8.5 per cent from July, and 44 per cent more than August, 2021.
The overall sales-to-active ratio in the Fraser Valley Market was 17 per cent; FVREB sales a balanced ration is between 12 and 20 per cent.
“For the past three months we’ve seen the local market return to a more balanced state,” said Sandra Benz, FVREB’s president. “With the Fraser Valley continuing to settle after months of record sales and prices, we expect to see more activity this coming fall as buyers look to capitalize on the region’s reputation for providing greater value for the real estate dollar.”
Benchmarks are falling across all property types, returning prices to December, 2021. It took an average of 33 days to sell a home in August, 26 days for a townhome and 25 days for an apartment.
“With possible further hikes in interest rates this fall, homebuyers need to augment their decisions with critical advice and guidance,” said Baldev Gill, FVREB’s CEO.
Benchmarks:
Single Family Detached: At $1,513,500, the Benchmark price for an FVREB single-family detached home decreased 5.1 per cent compared to July 2022 and increased 9.8 per cent compared to August 2021.
Townhomes: At $841,900, the Benchmark price for an FVREB townhome decreased 3.9 per cent compared to July 2022 and increased 16.1 per cent compared to August 2021.
Apartments: At $542,000 the Benchmark price for an FVREB apartment/condo decreased 2.1 per centcompared to July 2022 and increased 18.4 per cent compared to August 2021.