Market activity in the Fraser Valley – both sales and new listings – softened in July, however, buyers continued to significantly outnumber sellers resulting in inventory reaching the lowest for the month since 1981.
The Board processed a total of 2,006 property sales on its Multiple Listing Service® (MLS®) in July, a decrease of 11 percent compared to June and a 4.5 percent decrease compared to the same month last year. Sales continued to remain above normal for July – 15 percent above the ten-year average.
Larry Anderson, President of the Board, said, “A summer slowdown is typical. We anticipated that once people could travel and enjoy family time safely, they would do so, and we couldn’t be happier for everyone.
“Demand for homes in our region, however, remains above average – for fourteen months we have been in a seller’s market for Fraser Valley detached homes, townhomes, and condos – and yet for the last four months, new listings in our region have been decreasing.”
In July, the Board received 2,431 new listings, a decrease of 31.5 percent compared to last year, and a decrease of 22 percent compared to June 2021. The month ended with total active inventory sitting at 4,901, a 10.5 percent decrease compared to June, and 33 percent fewer than July 2021.
Baldev Gill, Chief Executive Officer of the Board, added, “To put our market in perspective, we just came off the third-highest sales for July in the last ten years, while home buyers looking to invest in the Fraser Valley had the same level of inventory to choose from that they had forty years ago.
“For the market to reach equilibrium and upward pressure on prices to decrease, we need more inventory.”
Across Fraser Valley, in July, the average number of days to sell a single-family detached home was 26 and a townhome was 15 days. Apartments took, on average, 24 days to sell.
MLS® HPI Benchmark Price Activity
Single Family Detached: At $1,319,200, the Benchmark price for an FVREB single-family detached home decreased 0.4 percent compared to June 2021 and increased 30.9 percent compared to July 2020.
Townhomes: At $688,400, the Benchmark price for an FVREB townhome increased 1.5 percent compared to June 2021 and increased 22.3 percent compared to July 2020.
Apartments: At $494,000, the Benchmark price for an FVREB apartment/condo increased 0.1 percent compared to June 2021 and increased 13.0 percent compared to July 2020.