{"id":16261,"date":"2020-08-06T10:10:00","date_gmt":"2020-08-06T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=16261"},"modified":"2020-08-05T12:43:00","modified_gmt":"2020-08-05T19:43:00","slug":"fvreb-home-sales-new-listings-reach-near-record-setting-numbers","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/08\/fvreb-home-sales-new-listings-reach-near-record-setting-numbers\/","title":{"rendered":"FVREB Home Sales &#038; New Listings Reach Near Record-Setting Numbers"},"content":{"rendered":"<p style=\"text-align: justify;\">SURREY, BC \u2013 The Fraser Valley Real Estate Board\u2019s Multiple Listing Service\u00ae (MLS\u00ae) saw the second-highest number of both property sales and new listings ever recorded in July.<\/p>\n<p style=\"text-align: justify;\">The FVREB processed a total of 2,100 sales in July, an increase of 22.2% compared to sales in June and an increase of 44% compared to the 1,458 sales during July of last year. Last month\u2019s sales were 25.5% above the ten-year average for July and second only to July 2015.<\/p>\n<p style=\"text-align: justify;\">Chris Shields, President of the Board, observes, \u201cIn the context of the current pandemic environment, our market is significantly ahead of what we anticipated. We\u2019re seeing market conditions representing a seller\u2019s market for townhomes and single-family homes in the Fraser Valley. For example, in North Delta, Cloverdale, Langley, Abbotsford and Mission, for every 100 active detached listings, 40 or more sold in July.\u201d<\/p>\n<p style=\"text-align: justify;\">\u201cWe attribute it to continued pent-up demand from what would have been a strong spring market for us; and clearly, near record-setting low interest rates. Buyers should take note that in some of our communities, the lack of supply and increase in demand is putting upward pressure on home prices. The average price of a detached home in our region set a record high in July, last set two years ago during the same month.\u201d<\/p>\n<p style=\"text-align: justify;\">The Fraser Valley Board received 3,549 new listings in July, a 2.7% increase compared to June\u2019s intake of 3,456 new listings and a 26.9% increase compared to July of last year. July\u2019s new listings were 18.3% above the ten-year average for the month and second only to July 2008. Last month finished with 7,341 active listings, an increase of 3.9% compared to June\u2019s inventory and a decrease of 12% year-over-year.<\/p>\n<p style=\"text-align: justify;\">Baldev Gill, Chief Executive Officer of the Board, adds, \u201cThe real estate profession has worked hard to make the buying and selling process safe during this pandemic and consumers have responded. Homeownership is a prudent, long-term investment strategy that isn\u2019t as vulnerable to short-term fluctuations, and in this period of economic uncertainty, it\u2019s encouraging to see the strong demand currently for Fraser Valley real estate.\u201d<\/p>\n<p style=\"text-align: justify;\">In July, the average number of days to sell an apartment was 34; 28 for townhomes and 34 for single family detached.<\/p>\n<p style=\"text-align: justify;\"><strong>MLS\u00ae HPI Benchmark Price Activity<\/strong><\/p>\n<p style=\"text-align: justify;\">\u2022 Single Family Detached : At $1,008,000, the Benchmark price for a single-family detached home in the Fraser Valley increased 1.4% compared to June and, increased 5.3% compared to July 2019.<br \/>\n\u2022 Townhomes : At $563,200, the Benchmark price for a townhome in the Fraser Valley increased 0.6% compared to June and increased 3.3% compared to July 2019.<br \/>\n\u2022 Apartments : At $437,300, the Benchmark price for apartments\/condos in the Fraser Valley increased 0.5% compared to June and increased 3.8% compared to July 2019.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/fvreb.bc.ca\/statistics\/Package202007.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Click here<\/a> to view the July Statistics Package.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.fvreb.bc.ca\/statistics\/sales-and-new-listings-reach-near-record-setting-numbers-in-the-fraser-valley\/\" target=\"_blank\" rel=\"noopener noreferrer\">FVREB Sales and New Listings Reach Near Record-Setting Numbers in The Fraser Valley<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SURREY, BC \u2013 The Fraser Valley Real Estate Board\u2019s Multiple Listing Service\u00ae (MLS\u00ae) saw the second-highest number of both property sales and new listings ever recorded in July. The FVREB &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/08\/fvreb-home-sales-new-listings-reach-near-record-setting-numbers\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-16261","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FVREB Home Sales &amp; New Listings Reach Near Record-Setting Numbers &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2020\/08\/fvreb-home-sales-new-listings-reach-near-record-setting-numbers\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"FVREB Home Sales &amp; New Listings Reach Near Record-Setting Numbers &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"SURREY, BC \u2013 The Fraser Valley Real Estate Board\u2019s Multiple Listing Service\u00ae (MLS\u00ae) saw the second-highest number of both property sales and new listings ever recorded in July. 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