August sees further decline in home sales throughout the Fraser Valley

August 2018 has seen the sharpest decline in market activity throughout all of 2018 so far. There was a 38.5% decrease in the number of home sales when compared to August 2017, and 10.5% less sales than July 2018. The Fraser Valley Real Estate Board (FVREB) saw approximately half of the 1,155 home sales in August represented by detached homes.  The remainder of the sales were 294 townhouses and 318 apartments. The President of the Board, John Barbisan said "With demand slowing down and prices staying put, both buyers and sellers can expect to see an easing of competition with less multiple offer situations. Right now, effective pricing is key and will be the determining factor for a successful transaction. Our market continues to open up the further we get into the year, and that means you can make more considered, informed decisions if you're looking to jump in. The best first step you can take is talking to a local Realtor who can help you determine your options and a plan forward." Active inventory is 28.5% higher than the same month last year, with 7,339 homes for sale throughout the Fraser Valley. The average days on market for detached homes in Fraser Valley in August was 35. Townhouses and apartments were sold within 27 days on average. As for pricing, sold prices for homes has declined slightly since last month. Detached homes sold for an average of $1,008,700. This is .9% less than July 2018 and 2.9% higher than August 2017. Townhouses sold on average for $548,300, which is 1.7% less than the previous month, but still up 11.5% since August of last year. Apartments and Condos averaged $443,200, down 1.6% since last month, but up 26.9% when compared to the same time period in 2017.   To read the full Statistics Package from the Fraser Valley Real Estate Board - CLICK HERE