SURREY, BC – Market activity declined further in August with sales dropping to their lowest level this year.

The Fraser Valley Real Estate Board processed 1,155 sales of all property types on its Multiple Listing Service® (MLS®) in August, a decrease of 38.5% compared to the 1,879 sales in August of last year, and a 10.5% decrease compared to the 1,290 sales in July 2018.

Sales of attached homes continued to represent over fifty per cent of all activity in the Fraser Valley this month, with 294 townhouses and 318 apartments selling in August.

“With demand slowing down and prices staying put, both buyers and sellers can expect to see an easing of competition with less multiple offer situations,” said John Barbisan, President of the Board. “Right now, effective pricing is key and will be the determining factor for a successful transaction.”

Active inventory for the Fraser Valley in July finished at 7,339 listings, decreasing 0.8% month-over-month and increasing 28.5% year-over-year.

2,575 new listings were received by the Board in August, an 11.8% decrease from July 2018’s 2,921 new listings, and a 2.2% decrease compared to August 2017’s intake.

“Our market continues to open up the further we get into the year, and that means you can make more considered, informed decisions if you’re looking to jump in,” continued Barbisan. “The best first step you can take is talking to a local REALTOR® who can help you determine your options and a plan forward.”

For the Fraser Valley region, the average number of days to sell an apartment and a townhome in August was 27. Single family detached homes remained on the market for an average of 35 days before selling.

HPI® Benchmark Price Activity

• Single Family Detached : At $1,008,700, the Benchmark price for a single family detached home in the Fraser Valley decreased 0.9% compared to July 2018 and increased 2.9% compared to August 2017.
• Townhomes : At $548,300 the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 1.7% compared to July 2018 and increased 11.5% compared to August 2017.
• Apartments : At $443,200, the Benchmark price for apartments/condos in the Fraser Valley decreased 1.6% compared to July 2018 and increased 26.9% compared to August 2017.

Click here to view the August Statistics Package.

Fraser Valley Sees Further Decline in Activity in August