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Fraser Valley inventory is growing as summer slowdown bites

 

by Steve Randall03 Aug 2018

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.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.