Fewer home sales in the Fraser Valley is allowing a build up of inventory in the region.
Sales of 1,290 units across all home types were recorded the Fraser Valley Real Estate Board’s MLS, down 33.4% year-over-year and down 11.2% month-over-month.
Active inventory grew by 3.6% month-over-month and 23.9% year-over-year to 7,399 listings. New listings gained 2,921, down 7% from the previous month and down 11.5% from July 2017.
“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,” remarked Board President John Barbisan. “On top of that, summer is busy for people and usually a slow season for real estate.”
Prices head lower
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% compared to June 2018 and increased 5.3% 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% compared to June 2018 and increased 14.7% compared to July 2017.
- Apartments: At $450,400, the Benchmark price for apartments/condos in the Fraser Valley decreased 0.7% compared to June 2018 and increased 32% compared to July 2017.