The July statistics package was released from the Fraser Valley Real Estate Board (FVREB) today. The inventory levels are increasing steadily due to a lack of sales. The number of homes sold in the month of July were the lowest they have been since January this year. Active inventory is up 3.6% compared to June 2018, and 23.9% year over year.
July of 2017 saw a total of 1,937 sales across all property types, while July 2018 was 33.4% less at 1,290 property sales for the month. Home sales are also down 11.2 percent when compared to June, 2018.
Of all 1,290 sales last month 346 were townhomes and 337 were apartments, continuing the trend of attached properties representing over 50% of property sales.
The President of the Board, John Barbisan says ” Despite a much healthier level of inventory, demand continues to be influenced by pricing and market barriers such as the mortgage stress test and rising interest rates. On top of that, summer is busy for people and usually a slow season for real estate. A slower market like this one is an excellent opportunity for buyers to explore their options and enjoy a more relaxed purchasing environment. If you’re looking, talk to your Realtor who can help you get a full view on everything available that fits your needs.”
The average number of days on market has also increased. Detached homes remained on the market for an average of 31 days, Townhouses 24, and apartments sold after 21 days on market.
Benchmark sold prices decreased slightly across all three property types. The average price of a single detached home was $1,017,400, 0.1% less than June, 2018. Townhouses sold for an average of $557,500, also down 0.1 percent compared to last month. Apartments decreased 0.7% since June 2018, selling at $450,400 on average.
To read the full package released by the FVREB – CLICK HERE