{"id":9725,"date":"2018-07-05T10:10:12","date_gmt":"2018-07-05T17:10:12","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9725"},"modified":"2018-07-05T10:23:20","modified_gmt":"2018-07-05T17:23:20","slug":"fvreb-housing-market-kicked-off-summer-with-increase-inventory-simmer-sales","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/07\/fvreb-housing-market-kicked-off-summer-with-increase-inventory-simmer-sales\/","title":{"rendered":"FVREB Housing Market Kicked-Off Summer with Increase Inventory &#038; Simmer Sales"},"content":{"rendered":"<p style=\"text-align: justify;\">SURREY, BC \u2013 The Fraser Valley housing market kicked-off summer with a further increase to overall inventory and a downturn in sales across all major residential property types.<\/p>\n<p style=\"text-align: justify;\">The Fraser Valley Real Estate Board processed 1,452 sales of all property types on its Multiple Listing Service\u00ae (MLS\u00ae) in June, a decrease of 43.5% compared to the 2,571 sales in June of last year, and a 17.4% decrease compared to the 1,758 sales in May 2018.<\/p>\n<p style=\"text-align: justify;\">Of the 1,452 sales processed last month 364 were townhouses and 392 were apartments, together representing 52% of all transactions in June.<\/p>\n<p style=\"text-align: justify;\">Active inventory for the Fraser Valley finished at 7,141 listings last month, increasing 6% month-over-month and 30.1% year-over-year.<\/p>\n<p style=\"text-align: justify;\">\u201cDemand is shifting back towards typical levels for our region, and market activity is reflecting that,\u201d John Barbisan, President of the Board, said. \u201cThis has given our inventory a much-needed chance to recover and move the Valley towards a more balanced real estate landscape.\u201d<\/p>\n<p style=\"text-align: justify;\">The Board received 3,140 new listings in June, a 20.8% decrease from May 2018\u2019s 3,965 new listings, and a 15.3% decrease compared to June 2017.<\/p>\n<p style=\"text-align: justify;\">\u201cOne thing that isn\u2019t changing quickly is pricing; prices are still increasing but we continue to see a gradual slowdown in upwards movement,\u201d Barbisan continued. \u201cIf home prices are keeping you back from selling or starting to look for a new home, talk to a REALTOR\u00ae who can provide a comprehensive view of communities you\u2019re interested in and what opportunities are available there.\u201d<\/p>\n<p style=\"text-align: justify;\">For the Fraser Valley region the average number of days to sell an apartment in June was 21, and 19 for townhomes. Single family detached homes remained on the market for an average of 26 days before selling.<\/p>\n<p style=\"text-align: justify;\"><strong>HPI\u00ae Benchmark Price Activity<\/strong><\/p>\n<p style=\"text-align: justify;\">\u2022 Single Family Detached : At $1,018,900, the Benchmark price for a single family detached home in the Valley decreased 0.2% compared to May 2018, and increased 9% compared to June 2017.<br \/>\n\u2022 Townhomes : At $558,000, the Benchmark price for a townhome in the Fraser Valley increased 0.5% compared to May 2018, and increased 19.5% compared to June 2017.<br \/>\n\u2022 Apartments : At $453,500, the Benchmark price for apartments\/condos in the Fraser Valley increased 0.1% compared to May 2018, and increased 39.4% compared to June 2017.<\/p>\n<p><a href=\"http:\/\/www.fvreb.bc.ca\/statistics\/Package201806.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to view the June statistics package.<\/p>\n<p><a href=\"https:\/\/www.fvreb.bc.ca\/statistics\/inventory-continues-to-climb-in-fraser-valley-as-sales-simmer\/\" target=\"_blank\" rel=\"noopener\">Inventory Continues to Climb in Fraser Valley as Sales Simmer<\/a> by FVREB<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SURREY, BC \u2013 The Fraser Valley housing market kicked-off summer with a further increase to overall inventory and a downturn in sales across all major residential property types. The Fraser &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/07\/fvreb-housing-market-kicked-off-summer-with-increase-inventory-simmer-sales\/\">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-9725","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 Housing Market Kicked-Off Summer with Increase Inventory &amp; Simmer Sales &#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\/2018\/07\/fvreb-housing-market-kicked-off-summer-with-increase-inventory-simmer-sales\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"FVREB Housing Market Kicked-Off Summer with Increase Inventory &amp; Simmer Sales &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"SURREY, BC \u2013 The Fraser Valley housing market kicked-off summer with a further increase to overall inventory and a downturn in sales across all major residential property types. 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