Summer Heat and Real Estate Inventory Climb as Sales Simmer in the Fraser Valley

The monthly report from the Fraser Valley Real Estate Board (FVREB) has been released for the month of June. Inventory continues to climb across all property types, while Buyers continue the "wait and see" approach. Sales are down significantly since June 2017 - with a sharp 43.5% drop, and a 17.4% decrease since May 2018. Townhomes and Condos represented 52% of the sales in June, with 364 being townhouses and 392 condos. Inventory in June was 7,141 listings, 30.1% higher than the same month in 2017, and up 6% month-over-month in 2018. The president of the Board, John Barbisan said "Demand is shifting back towards typical levels for our region, and market activity is reflecting that. This has given our inventory a much-needed chance to recover and move the Valley towards a more balanced real estate landscape."  He continues to say "One thing that isn't changing quickly is pricing; prices are still increasing but we continue to see a gradual slowdown in upwards movement. If home prices are keeping you back from selling or starting to look for a new home, talk to a Realtor who can provide a comprehensive view of communities you're interested in and what opportunities are available there." The number of days to sell a home in the Fraser Valley was up in June. It took an average of 21 days to sell a condo, 19 to sell a townhouse, and 26 for single detached homes. Single Detached Homes sold for an average of $1,018,900 - up 9 percent from June 2017. Townhouses averaged $558,00, 19.5 percent increases since the same month last year. Condos sold for an average of $453,500, the greatest increase since June 2017, 39.4% higher than last June.   To read the full report published by the Fraser Valley Real Estate Board - CLICK HERE