The end of the summer has come and gone with the fall season now in full swing. The slowdown in sales and increase in inventory, which has been a staple of 2018 so far, continued in September with sales being at their lowest point and the inventory at the highest of 2018 to date. The Fraser Valley Real Estate Board (FVREB) saw 1,035 sales across all property types throughout September, which is a 36.1% decrease when compared to the same month of 2017. This is also down an additional 10.4% when compared to August 2018.
September saw the lowest number of sales transactions throughout all 3 property types since the beginning of 2018. Of the 1,035 sales, 376 were detached single family homes, 250 townhouses, and 274 apartments.
The President of the Board, John Barbisan, said “Buyers remain reluctant as the market continues to adjust. We’re seeing good things happening in terms of inventory, but it only opens the door so much while prices are moving at a much slower rate. If you want to sell soon, the most important thing you can do to be successful is to price effectively. Talk to your Realtor who can help you understand what buyers are looking for in your local market.”
Property inventory for the FVREB came in at a total of 7,647 listings at the end of September. This is an increase of 4.2% since August 2018 and 30.6% higher than September 2017. This is the highest number of Active Listings at the FVREB since July of 2015. There were a total of 2,946 new listings processed by the board for the month.
Detached single family homes sold for an average of $988,900 in 39 days on market, 2% less than the average in August 2018 but still 1.1% higher than the same month last year. Townhouses sold on average for $546,100 within 32 days – slightly less at 0.4% less than August 2018 but 9.5% higher than September 2018. Apartments in the Fraser Valley sold within 33 days and for $438,700 on average, which is 1% less than last month in August 2018 but still up 22.5% when compared to September 2018.
To read the full statistics package from the Fraser Valley Real Estate Board – CLICK HERE