While sales in August remained above the ten-year average for the month, the number of transactions processed in our region continued to decrease following this year’s bustling spring. And for the second time in a row, we had a month this year that did not set a record in sales compared to that same month historically.
The Board processed 1,694 sales of all property types on the MLS® in August, a decrease of 2.3 per cent compared to the 1,734 sales in August 2015, and a 13.7 per cent decrease compared to the 1,962 transactions processed in July 2016.
“The numbers here aren’t alarming; they’re expected, and what we’re used to seeing around this time. Home buyers should be encouraged that sales have slowed, giving inventory a chance to build back up and competition within the market to cool down” – President Charles Wiebe
The Board received 2,840 new listings in August, an increase of 15.6 per cent compared to August of last year, and a 12 per cent decrease from July 2016. The total active inventory for August was 6,102, down 17.6 per cent from last year’s 7,407 active listings but up 1.5 per cent from July.
“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.”
Other notable statistics from August:
- This was the fourth strongest August on record for the Fraser Valley real estate market. The ten year average for sales was put to 1,386 after August of this year.
- The average number of days to sell a single family detached home in the Fraser Valley was 20. For apartments, it was 26 days, and townhomes took 15.
- 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.
- The benchmark price for townhouses in our region 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.
To see the full statistics package for August 2016, click here. More reports, data, and resources can be found on REALTOR® Link.