Hello greetings and salutations from the best realtor in Surrey B.C. July was the sixth strongest month historically for July home sales in the Fraser Valley. 1,937 of all property types sold despite recent month-over-month decreases in total residential sales.
Benchmark prices in the Fraser Valley increased 3.4% for Single Family homes since June 2017 to $966,000, and a whooping increase of 10% compared to July 2016. Townhomes at $485,900 increased 4.0 per cent compared to June 2017, this was up 18.1% compared to July 2016. Apartment/Condos benchmarked at $341,100 in the Fraser Valley increased by 4.9% from June 2017, up a really serious 33.3% since July 2016.
Records showed a 24.7 % decrease in sales compared to the 2,571 sales in June this year. We are seeing the same type of statistics for multifamily properties with total sales being stronger for townhomes and condos compared to single family. Single family prices are much higher and those that can’t afford to buy houses are of course choosing strata properties.
There are varying opinions floating around concerning the Vancouver and Toronto area situations. I believe that we will remain somewhat insulated in serious price fluctuations, the popularity of our local region and the lack of supply would not support serious price reductions. I believe that we would even be insulated from the haywire rants of Donald Trump.
There were 1,937 sales processed, 447 townhouses, and 544 apartments sold. This is the twelfth consecutive month multifamily sales have outpaced detached house sales in our region.
July’s total active inventory in the Fraser Valley was 5,970 listings almost 9% more than in June. But only 3,301 new listings came in July, that’s an 11 per cent decrease compared to June’s 3707 new listings. Still this is a strong amount of new listings and although prices are continuing to rise slightly, this amount staves off the crazy price increases that we have encountered in the previous year and a half.
Correctly priced properties continue to get multiple offers, so obviously our markets remain unbalanced. Days on Market ( DOM ) to sell a property in July changed to 24 days, compared to 18 days one year ago. I wish you ‘Happy Home Hunting’ and if you need better service or further explanation call us.
Dan Millar Sutton Premier Realty
604 537 4586