South Surrey home sales activity returns to typical August levels
After a blistering streak of white hot home sales in the Fraser Valley, the numbers are in to show that the market is returning back to a more balanced position. August sales are still higher than the 10 year average for the month and slower than this year’s record breaking spring.
The Fraser Valley Real Estate Board processed 1694 sales on the MLS®, which was a decline of 2.3 percent compared to the 1734 number of sales in August 2015.
Board President Charles Wiebe says that “The numbers here aren’t alarming; they’re expected, and what we’re used to seeing around this time. Homebuyers should be encouraged that sales have slowed, giving inventory a chance to build back up and competition within the market to cool down.
“With sales activity moderating to more normal levels, we’re beginning to see prices follow-suit, and even drop for certain housing types in some of our communities.
“Regardless, this is still a challenging and volatile market. Talk to your REALTOR® who can help you understand what’s happening right now and what you can realistically achieve as a seller or buyer.”
August 2015 it took 32 days to sell a single family detached home, compared with just 20 days in August of 2016.
The MLS® HPI benchmark price of a Fraser Valley single family detached home in August was $888,600, an increase of 41.2 per cent compared to August 2015 when it was $629,400.
In August, the benchmark price of townhouses was $418,400, an increase of 36.4 per cent compared to $306,700 in August of 2015. The benchmark price of apartments also increased year-over-year by 29.7 per cent, going from $191,900 in August 2015 to $248,800 in August 2016.