July was the fourth straight month as sales continued to drop within the Fraser Valley..
The Fraser Valley real estate market experienced a dip in sales again in July due to the continued rise in interest rates, as the government struggles to bring inflation under control.
Last month, FVREB processed 993 sales on MLS, we can see a decrease of 22.5% from June and a 50.5% drop from last year in July.
As for inventory, new listings in July totaled 2,385. Active listings, at 6,413 remaining relatively unchanged from June and were up by 30.9% compared to July 2021. This brought the townhomes and detached homes sector into balance with a sales-to-active ratio of 18% for townhomes and 12% for detached homes. Yet, for apartments a sales-to-active ratio of 28% favoring sellers slightly. The market is considered balanced when a sales-to-active ratio is between 12% – 20%.
Last month ended with a benchmark price of $1,594,400, down 3.5% from June. Residential combined properties benchmark prices are still up year-over-year by 18.1%
Sandra Benz, President of Fraser Valley Real Estate Board said, “It is important to keep in mind that real estate is and always will be an asset with considerable upside over the long-term, As prices come down from the highs of recent months, there are opportunities for buyers who have been waiting to re-enter the market and shop for the right property.”
Baldev Gill, CEO of FVREB said, “With rising interest rates and uncertainty in the market, it is even more important to seek out the guidance of a professional REALTOR®. Their ability to tap into the latest data and market intelligence — down to the neighbourhood level — allows buyers and sellers to make informed decisions about one of the largest transactions they’ll ever make.”
Across the Fraser Valley in July, 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.
