Buying and Selling Real Estate Blog
Selling Unique BC Properties
August 2019 Market Stats
When looking at comparisons and stats, there are always ups and downs. Based on so many years of ups, to see down seems like it's headed in the wrong direction. However, as we will see, this is a sign of stabilization and a return to more historical norms.
While year to date sales are down, there has been a rise of sales in the month of August in comparison to last year. Darin Germyn, President of the Board, noted 'Compared to last year, this August has been quite robust. All property types are selling and we're seeing a resurgence in the single-family detached market. Across North Delta, Surrey and Langley, sales are up over 25%.'
In the month of August, we see that total sales are up 12.3% compared to last year, but down 11% compared to last month. Even though the amount of active listings is up 9.6% from last year, the amount of new listings is down 8.5%. Compared to last month the active listings are down 3.5% and new listings are down 15.7%. All of this is shown in a Sales-to-Active Listings Ratio of all types of homes in the Fraser Valley with the month of August resting nicely in a Balanced Market, at 16%. Germyn adds, 'Inventory has stopped growing as demand has picked up, which is why we're also seeing prices moderate. Last month, prices of typical homes in the Fraser Valley were on par with prices from six months ago.'
As Benchmark Pricing for all the Fraser Valley goes, we've seen a slight decrease (0.3%) of the single family detached homes from last month and 5.4% compared to last year bringing the number to $954,100. Townhomes are down 0.1% compared to last month and 4.9% Compared to last year with the benchmark price being $521,400. The benchmark price for Condos is now $409,200 with the minimal decrease of .01% from last month and 7.7% from last year.
What is the average amount of days it takes to sell a home in August? Single Family Detached homes were on the market for an average of 44 days, Townhomes were on for 36 days and Condo's were on the market for an average of 45 days.
Let's take a little glimpse into specific areas of the market that have some surprising stats!
In Abbotsford, the Condo sales for August were up by 49% while active listings are down by 14.7% from last year.
In Langley, Townhouse sales were up by 41% compared to August of last year and active listings are also up 15%.
In Surrey Central, Detached homes were up 32% compared to last year and 18.9% compared to last month.
If you'd like to see the full statistics package for July 2019, CLICK HERE.
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