Fraser Valley Real Estate Board stats July 2018

– Net sales were down 7% over last month to 1290 sales and down 33% for the same month 2017.

– Listings received down 7% over last month and down 12% for the same month last year.

– The board’s inventory of active listings was up 4% over last month to 7399 and
up 24% from the same month last year (5970).

HPI® Benchmark Price Activity

– Single Family Detached: At $1,017,400, the Benchmark price for a single family detached home in the Fraser Valley decreased 0.1 per cent compared to June 2018 and increased 5.3 per cent compared to July 2017.

– Townhomes: At $557,500, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 0.1 per cent compared to June 2018 and increased 14.7 per cent compared to July 2017.

– Apartments: At $450,400, the Benchmark price for apartments/condos in the Fraser Valley decreased 0.7 percent compared to June 2018 and increased 32 per cent compared to July 2017.

Takeaway: Prices are holding up remarkably well but this will change if the supply continues to outpace demand.

As always the overall Fraser Valley stats may not reflect your product type or community.

–  The inventory of Detached homes in the Fraser Valley is up 14.4% from this time last year while the inventory of Apartments is up 71.1% from a year ago.

– Abbotsford saw the Detached supply grow by 8% while Apartments grew by 9.1%

One more stat: The combined Home Price Index for the Fraser Valley shows an increase of 93.6% from five years ago!

Questions? Call me.

Paul