{"id":9994,"date":"2018-08-04T10:10:34","date_gmt":"2018-08-04T17:10:34","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9994"},"modified":"2018-08-03T08:12:12","modified_gmt":"2018-08-03T15:12:12","slug":"fvreb-inventory-builds-as-summer-slowdown-hits","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/08\/fvreb-inventory-builds-as-summer-slowdown-hits\/","title":{"rendered":"FVREB Inventory Builds as Summer Slowdown Hits"},"content":{"rendered":"

SURREY, BC \u2013 Overall housing supply continued to grow in July as sales dropped to their lowest point this year since January.<\/p>\n

The Fraser Valley Real Estate Board processed 1,290 sales of all property types on its Multiple Listing Service\u00ae (MLS\u00ae) in July, a decrease of 33.4% compared to the 1,937 sales in July of last year, and a 11.2% decrease compared to the 1,452 sales in June 2018.<\/p>\n

Of the 1,290 sales processed last month 346 were townhouses and 337 were apartments, together representing 53% of all transactions in July.<\/p>\n

Active inventory for the Fraser Valley in July finished at 7,399 listings, increasing 3.6% month-over-month and 23.9% year-over-year.<\/p>\n

\u201cDespite a much healthier level of inventory, demand continues to be influenced by pricing and market barriers such as the mortgage stress test and rising interest rates,\u201d remarked Board President John Barbisan. \u201cOn top of that, summer is busy for people and usually a slow season for real estate.\u201d<\/p>\n

2,921 new listings were received by the Board in July, a 7% decrease from June 2018\u2019s 3,140 new listings, and a 11.5% decrease compared to July 2017\u2019s intake.<\/p>\n

\u201cA slower market like this one is an excellent opportunity for buyers to explore their options and enjoy a more relaxed purchasing environment,\u201d continued Barbisan. \u201cIf you\u2019re looking, talk to your REALTOR\u00ae who can help you get a full view on everything available that fits your needs.\u201d<\/p>\n

For the Fraser Valley region, the average number of days to sell an apartment in July was 21, and 24 for townhomes. Single family detached homes remained on the market for an average of 31 days before selling.<\/p>\n

HPI\u00ae Benchmark Price Activity<\/strong><\/p>\n

\u2022 Single Family Detached : At $1,017,400, the Benchmark price for a single family detached home in the Fraser Valley decreased 0.1% compared to June 2018 and increased 5.3% compared to July 2017.
\n\u2022 Townhomes : At $557,500, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 0.1% compared to June 2018 and increased 14.7% compared to July 2017.
\n\u2022 Apartments : At $450,400, the Benchmark price for apartments\/condos in the Fraser Valley decreased 0.7% compared to June 2018 and increased 32% compared to July 2017.<\/p>\n

Click here<\/a> to view the July statistics package.<\/p>\n

FVREB Inventory Builds as Summer Slowdown Hits<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

SURREY, BC \u2013 Overall housing supply continued to grow in July as sales dropped to their lowest point this year since January. 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