AUGUST MARKET TYPICAL FOR FRASER VALLEY REAL ESTATE
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.
In the Fraser Valley there was 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.
It was 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.”
There was 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.
Generally in August, the 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. There is only a five months’ supply of detached homes and nine months’ supply of condos currently on the market.
With interest rates as competitive as they are combined with the increase of affordable, new townhome developments in Cloverdale and Langley in particular, some first-time buyers are bypassing 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.
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.