{"id":18338,"date":"2021-08-05T10:10:00","date_gmt":"2021-08-05T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=18338"},"modified":"2021-08-04T08:42:44","modified_gmt":"2021-08-04T15:42:44","slug":"fvreb-home-sales-remained-steady-upward-pressure-on-home-prices-due-to-low-inventory","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2021\/08\/fvreb-home-sales-remained-steady-upward-pressure-on-home-prices-due-to-low-inventory\/","title":{"rendered":"FVREB Home Sales Remained Steady \u2022 Upward Pressure on Home Prices Due to Low Inventory"},"content":{"rendered":"<p style=\"text-align: justify;\">SURREY, BC \u2013 Market activity in the Fraser Valley \u2013 both sales and new listings \u2013 softened in July, however buyers continued to significantly outnumber sellers resulting in inventory reaching the lowest for the month since 1981.<\/p>\n<p style=\"text-align: justify;\">The Board processed a total of 2,006 property sales on its Multiple Listing Service\u00ae (MLS\u00ae) in July, a decrease of 11% compared to June and a 4.5% decrease compared to the same month last year. Sales continued to remain above normal for July \u2013 15% above the ten-year average.<\/p>\n<p style=\"text-align: justify;\">Larry Anderson, President of the Board, said, \u201cA summer slowdown is typical. We anticipated that once people could travel and enjoy family time safely, they would do so, and we couldn\u2019t be happier for everyone.<\/p>\n<p style=\"text-align: justify;\">\u201cDemand for homes in our region, however, remains above average \u2013 for fourteen months we have been in a seller\u2019s market for Fraser Valley detached homes, townhomes and condos \u2013 and yet for the last four months, new listings in our region have been decreasing.\u201d<\/p>\n<p style=\"text-align: justify;\">In July, the Board received 2,431 new listings, a decrease of 31.5% compared to last year, and a decrease of 22% compared to June 2021. The month ended with total active inventory sitting at 4,901, a 10.5% decrease compared to June, and 33% fewer than July 2021.<\/p>\n<p style=\"text-align: justify;\">Baldev Gill, Chief Executive Officer of the Board, added, \u201cTo put our market in perspective, we just came off the third highest sales for July in the last ten years, while home buyers looking to invest in the Fraser Valley had the same level of inventory to choose from that they had forty years ago.<\/p>\n<p style=\"text-align: justify;\">\u201cFor the market to reach equilibrium and upward pressure on prices to decrease, we need more inventory.\u201d<\/p>\n<p style=\"text-align: justify;\">Across Fraser Valley, in July, the average number of days to sell a single-family detached home was 26 and a townhome was 15 days. Apartments took, on average, 24 days to sell.<\/p>\n<p style=\"text-align: justify;\"><strong>MLS\u00ae HPI Benchmark Price Activity<\/strong><\/p>\n<p style=\"text-align: justify;\">Single Family Detached : At $1,319,200, the Benchmark price for an FVREB single-family detached home decreased 0.4% compared to June 2021 and increased 30.9% compared to July 2020.<\/p>\n<p style=\"text-align: justify;\">Townhomes : At $688,400, the Benchmark price for an FVREB townhome increased 1.5% compared to June 2021 and increased 22.3% compared to July 2020.<\/p>\n<p style=\"text-align: justify;\">Apartments : At $494,000, the Benchmark price for an FVREB apartment\/condo increased 0.1% compared to June 2021 and increased 13.0% compared to July 2020.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/fvreb.bc.ca\/statistics\/Package202107.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to view the July 2021 Statistics Package.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.fvreb.bc.ca\/statistics\/fraser-valley-home-sales-remained-steady-in-july-lowest-supply-in-forty-years\/\" target=\"_blank\" rel=\"noopener\">Fraser Valley Home Sales Remained Steady in July; Lowest Supply in Forty Years<\/a> by FVREB<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SURREY, BC \u2013 Market activity in the Fraser Valley \u2013 both sales and new listings \u2013 softened in July, however buyers continued to significantly outnumber sellers resulting in inventory reaching &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2021\/08\/fvreb-home-sales-remained-steady-upward-pressure-on-home-prices-due-to-low-inventory\/\">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-18338","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FVREB Home Sales Remained Steady \u2022 Upward Pressure on Home Prices Due to Low Inventory &#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\/2021\/08\/fvreb-home-sales-remained-steady-upward-pressure-on-home-prices-due-to-low-inventory\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"FVREB Home Sales Remained Steady \u2022 Upward Pressure on Home Prices Due to Low Inventory &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"SURREY, BC \u2013 Market activity in the Fraser Valley \u2013 both sales and new listings \u2013 softened in July, however buyers continued to significantly outnumber sellers resulting in inventory reaching &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/08\\\/fvreb-home-sales-remained-steady-upward-pressure-on-home-prices-due-to-low-inventory\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/08\\\/fvreb-home-sales-remained-steady-upward-pressure-on-home-prices-due-to-low-inventory\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"FVREB Home Sales Remained Steady \u2022 Upward Pressure on Home Prices Due to Low Inventory\",\"datePublished\":\"2021-08-05T17:10:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/08\\\/fvreb-home-sales-remained-steady-upward-pressure-on-home-prices-due-to-low-inventory\\\/\"},\"wordCount\":398,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/08\\\/fvreb-home-sales-remained-steady-upward-pressure-on-home-prices-due-to-low-inventory\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/08\\\/fvreb-home-sales-remained-steady-upward-pressure-on-home-prices-due-to-low-inventory\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/08\\\/fvreb-home-sales-remained-steady-upward-pressure-on-home-prices-due-to-low-inventory\\\/\",\"name\":\"FVREB Home Sales Remained Steady \u2022 Upward Pressure on Home Prices Due to Low Inventory &#8226; 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