Fraser Valley homes sales this month broke another record. The demand for townhomes and apartments in the Fraser Valley led to the second strongest August in history.. Of 1779 total sales in August this year 1018 were multifamily properties.
You need to get the best advice on how to prepare yourself to succeed in a competitive market like this one. Last month the total active inventory for the Fraser Valley was 5,712 listings a decrease of 4.3 per cent month-over-month, and a decrease of 6.4 per cent when compared to this time last year. Consequently there still remains more demand than we have supply.
A few days ago I wrote an offer on an over priced 36 year old townhome in a not great, so so location. There were 7 offers submitted my clients went in $26,000. over asking price and we were of the low ones. The Board received 2,633 new listings in August, a 20.2 per cent decrease from July 2017, and a 7.3 per cent decrease compared to August 2016’s 2,840 new listings.
For the Fraser Valley region the average number of days to sell an apartment in August was 17 days, notable when compared to 26 at this time last year. Townhomes sold in an average of 16 days, and single family detached took 25. The valley market is changing and I think becoming more balanced for single family homes, but I don’t think anyone presently buying strata would see much difference from six months ago.
The Single Family Detached home’s benchmark price in the Valley at $976,000, increased 1 per cent compared to July 2017, and increased 10.2 per cent compared to August 2016. I have read recent reports from industry managers and financial experts across the country suggesting that 2018 and the foreseeable future would remain at an approximate 1% increase in prices only. I think its possible that we will see a level market such as this in single family homes for the next 3 to 5 years.
Townhomes: the Benchmark price increased 16.6 per cent compared to August 2016.
Apartments: the Benchmark price for apartments/condos in the Fraser Valley increased 32.8 per cent compared to August 2016.
Quoted reports: “It’s not surprising to see demand like this still so late into the summer; the Fraser Valley has never been a better place to live than it is now,” “Our communities are thriving, and there are still affordable options throughout our region. Also, it doesn’t hurt that removing the bridge tolls gives us even greater access to the Lower Mainland.” “Anyone whose looking for a townhome or apartment will have to move quickly – units are selling faster than they ever have here,”
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