Home sales in the Fraser Valley fell 10.5% in the month from July to August to a new 2018 low.
The 1,155 sales represented a 38.5% drop from August 2017 while prices continued to rise (year-over-year) across all main property types according to figures from the Fraser Valley Real Estate Board
“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,” said John Barbisan, President of the Board. “Right now, effective pricing is key and will be the determining factor for a successful transaction.”
Attached homes continue to dominate the market and accounted for more than half of all sales in August with 294 townhouses and 318 apartments sold.
Prices keep climbing
The Board’s HPI benchmark prices for the main property types were all higher in August compared to a year earlier.
- Single Family Detached: decreased 0.9% month-over-month and increased 2.9% year-over-year to $1,008,700.
- Townhomes: decreased 1.7% month-over-month and increased 11.5% year-over-year to $548,300.
- Apartments: decreased 1.6% month-over-month and increased 26.9% year-over-year to $443,200.
New listings were down 11.8% from July to 2,921 (2.2% below August 2017) while active inventory was down 0.8% from July to 7,339, a 28.5% increase from August 2017.