Real Estate Blog for Buyers & Sellers
Your Lower Mainland and BC REALTOR® for home, investment & life!
Fraser Valley Stats for July 2022
August 5, 2022 | Posted by: Michele Cummins
As interest rates continue to rise, the Fraser Valley Real Estate Market sales drop for the 4th month in a row!
In July there was a decrease in sales of 22.5% from June & a 50.5% drop from July the previous year. The board had 993 sales put throught it's MLS system. There were 2,385 new listings in July which was 28.4% less than June and down almost 2% from July 2021.
.png)
The amount of active listings was 6,413 which is even from June and up 30.9% over July last year.
The increase in listings drops the depand, which has also accounted for (along with the rising interest rates) prices continuing to drop for the 4th straight month.
.png)
Some important stats to take note of:
- Single Family Detached: At $1,594,400, the Benchmark price for an FVREB single-family detached home decreased 3.5 per cent compared to May 2022 and increased 17.8 per cent compared to July 2021.
- Townhomes: At $876,500, the Benchmark price for an FVREB townhome decreased 2 per cent compared to June 2022 and increased 22.7 per cent compared to July 2021.
- Apartments: At $553,400, the Benchmark price for an FVREB apartment/condo decreased 2.7 per cent compared to June 2022 and increased 28 per cent compared to July 2021.
It was also found that in July, across the Fraser Valley, the average number of days to sell a single-family detached home was 24 and a townhome was 19 days. Apartments took, on average, 21 days to sell.
.png)