MARKET STRENGTH CARRIES INTO SUMMER
There has been a continued demand for single family homes and townhomes resulted in the busiest July in 5 years for the Fraser Valley. With 1,615 sales in the Fraser Valley for July, an increase of 11 per cent compared to the 1,456 sales in July last year and 1.4 per cent above the 10-year average for the month.
July’s steady activity is a continuation of what we’ve been seeing all year. Our market has fully recovered from last year’s slump and has returned to what we typically see in the Fraser Valley, which is a steady, consistent market.
Although the sales in the Fraser Valley were slightly above average for the month, the volume of new listings added to the MLS® was 7 per cent lower than what’s typical for July, so for certain property types and price ranges we’re actually seeing a shortage of listings creating a seller’s market for particular homes.
When demand starts to exceed supply it puts upward pressure on prices and in areas such as White Rock/South Surrey, North Delta and Langley there’s an increase in benchmark prices of single family detached homes ranging from 3 to 6.6 per cent over the last year. It’s a different story for condos. In the condo market, there’s excellent selection and prices are lower than they were one year ago offering tremendous opportunities for buyers.
In July, the benchmark price, as determined by the MLS® Home Price Index (MLS® HPI), of a ‘typical’ single family detached home was $568,300, an increase of 3 per cent compared to July 2013 when it was $551,000.
The HPI benchmark price of Fraser Valley townhouses increased by 0.2 per cent; going from $297,800 in July 2013 to $298,500 in July 2014. The benchmark price of apartments was $194,700 last month, a decrease of 3.6 per cent compared to $202,000 in July of last year.
If you would like a FREE Home Evaluation done on your home , Call us today 604-534-5070 or 604-596-2606 to find the value of your home in today’s market.