FVREB Market Data: June 2016

Another month, another sales record broken.

June market data once again saw record-setting sales numbers for the month historically, with 2,864 processed sales across all property types for the Fraser Valley. The previous record for a June was set in 2005 at 2,517 transactions processed through the MLS®.

“Demand for Fraser Valley homes grips the market, tightly. Still, we are seeing a slight levelling-off that while not drastic, is giving both buyers and sellers a bit more room to maneuver,” said Charles Wiebe, President of the Board.

Also in June, the Board received 3,705 new listings, an increase of 11.7 per cent compared to June of last year, and a 0.8 per cent increase from May 2016. The total active inventory at the end of the month was 5,612, 30.8 per cent fewer compared to last year’s 8,105 active listings at this time.

“Simply put, to meet demand, we need even more listings. More than half of our active inventory consists of new listings that came on to the MLS® in June.”

Other notable data from last month:

  • The average number of days to sell a single family detached home in the Fraser Valley was 17 days, compared to 35 days in June of 2015
  • The MLS® HPI benchmark price of a detached home in the Fraser Valley went from $609,900 in June 2015 to $861,600 one year later
  • 1,281 single family detached homes sold in the Fraser Valley in June. Nearly matching that number was the combined total of sales for townhomes (656) and apartments (604), an uncommon feat for those property types in our market historically.

To read the press release and see the full statistics package for June 2016, click here. You can find additional data and reports on REALTOR Link®.

For instructions and tips on how to effectively use the Stats Centre tool in REALTOR Link®, check this out!