Even with a characteristic seasonal dip in sales, the Fraser Valley real estate market experienced its best August since 2011 with volumes improving over last year and finishing 10 per cent below the 10-year average for the month.
The Fraser Valley Real Estate Board processed 1,302 sales on the Multiple Listing Service® (MLS®) in August, an increase of 3 per cent compared to the 1,258 sales during the same month last year and a decrease of 19 per cent compared to the 1,615 sales in July.
Ray Werger, president of the Board, says, “As usual, we saw a typical summer slowdown in August compared to July, however like every month so far in 2014, August sales were higher than last year. It’s the continuation of the story we’ve seen all year; a return to a normal, balanced market.”
The Board added 2,382 new properties to the MLS® in August, an increase of 1 per cent compared to August of last year and a decrease of 13 per cent compared to July. August finished with 9,403 active listings, a decrease of 7 per cent compared to what was available during the same month last year.
Werger adds, “Generally in August, we saw sales of single family detached homes continue to outpace sales of townhouses and condos in the Fraser Valley. Depending on what property type you’re thinking of listing or buying, talk to your REALTOR® who will explain that the markets for detached and attached homes are quite different. We have only five months’ supply of detached homes currently and nine months’ supply of condos.
“With interest rates as competitive as they are combined with the increase of affordable, new townhome developments in Cloverdale and Langley in particular, we’re seeing first-time buyers bypass the condo phase to jump immediately to a larger, more expensive townhouse or a smaller single family home.”
The MLS® Home Price Index benchmark price of a single family detached house in the Fraser Valley in August was $569,800, an increase of 3.4 per cent compared to $551,000 in August 2013.
For townhouses, the benchmark price in August was $298,500 on par with the August 2013 price of $298,200. The benchmark price of apartments in Fraser Valley in August was $196,700, a decrease of 3.5 per cent compared to $203,900 in August 2013.