Fraser Valley listings reach Record Levels
For Immediate Release: August 5, 2008
(Surrey, BC) – In July, Fraser Valley buyers had the greatest selection ever of properties to choose from with a record 12,299 active listings for all property types available on the Fraser Valley Real Estate Board’s Multiple Listing Service (MLS®), an increase of 56 per cent compared to the number of properties available the same month last year.
A total of 1,284 sales were processed through Fraser Valley’s MLS® in July, a decrease of 35 per cent compared to 1,984 sales in July 2007. The Board received 3,742 new listings last month, a 20 per cent increase from the 3,120 new listings received during the same month last year.
Kelvin Neufeld, president of the Board puts the numbers in context, “Our sales have returned to normal levels while our inventory has increased for seven consecutive months.
“It’s a situation of supply and demand. Buyers are now in the driver’s seat in Fraser Valley and we’re starting to see that reflected in home prices. July’s average prices for single family homes and townhomes are almost on par with last year, while average prices for condos remain resilient thanks to the affordability factor.”
The average price of a single family detached home in the Fraser Valley increased by 2 per cent, going from $519,896 in July 2007 to $530,455 last month. Townhomes went for an average $324,042 last month, reflecting a 0.2 per cent increase with July of last year when they averaged $323,259 and the average price of an apartment in July was $234,597, an increase of 6.5 per cent compared to $220,275 last year.
Neufeld adds, “For sellers right now, you’ll need every bit of expertise and knowledge from your REALTOR® to establish a competitive price. They’ll show you how your home stacks up with the vast number of comparable homes on the market and they’ll make recommendations as to its presentation, price and marketing strategy to ensure it gets sold.”
The current average length of time to sell a single family home in the Fraser Valley in July was 50 days. For detailed average days to sale data by property type and area – contact your local REALTOR®.