Buying and Selling Real Estate Blog
Selling Unique BC Properties
July 2019 Market Stats
The Fraser Valley housing market saw a slight rise in July because of a slight decrease in new listings along with a lift in home sales from June. The sales of single family detached homes rose 13% compared to July of 2018, and 11.6% compared with last month. Active listings were 2.7% higher than this time last year, but 3.2% lower than last month.
President of the Board, Chris Shields said, 'We've been expecting market improvement, but didn't quite anticipate July's momentum.' This is most dramatically seen in Abbotsfords single family detached sales which shows a 57.6% increase over this time last year!
The benchmark price of detached homes in the Fraser Valley decreased slightly from last month to $957,400, which is a 6.3% decrease from this time last year. Townhomes decreased almost 1% from last month which makes it now $520,700, a 6.6% decrease compared to July 2018. The benchmark price of apartments and condos is the same as last month, $409,700, which is a decrease of 9% from this time last year.
As Sellers are considering the value of their home, it is nice to see the big picture of Average Price. This shows the huge leap in values of homes over past years, with the relatively small drop in the last year. Buyers looking at this picture can see the overall trend of home values as a great financial investment. Also, that the small dip in pricing as of late marks a great time to buy before the average prices start to rise again. This is especially true when looking at the Sales-to-Active Listings Ratio of the Fraser Valley. July is sitting in a healthy balanced market at a Ratio of 17%. With 8,340 active listings of all types in the Fraser Valley by the end of July, this shows the increase of 12.7 in comparison to July of 2018, but a decrease of 2.1% to last month.
Being in a balanced market means more time to decide on a home, with the average number of days to sell a condo in July being 37.9. Townhoumes were on the market for 31.7 days and single family detached homes took an average of 38.6 days to sell.
If you'd like to see the full statistics package for July 2019, CLICK HERE.
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