The Fraser Valley Real Estate Board saw the second-highest number of both property sales and new listings ever recorded in July.
There were a total of 2,100 sales in July, an increase of 22.2 per cent compared to sales in June and an increase of 44 per cent compared to the 1,458 sales during July of last year. July’s sales were 25.5 per cent above the ten-year average for July and second only to July 2015.
The sentiment is that there was pent-up demand from what would have been a strong spring market with near record-setting low interest rates. In some markets the lack of supply and increase in demand is putting upward pressure on home prices. The average price of a detached home in the Fraser Valley set a record high in July breaking the previous record set two years ago.
The Fraser Valley Board received 3,549 new listings in July which was a 26.9 per cent increase compared to July of last year. July’s new listings were 18.3 per cent above the ten-year average for the month and second only to July 2008. Last month finished with 7,341 active listings, an increase of 3.9 per cent compared to June’s inventory and a decrease of 12 per cent year-over-year.
In July, the average number of days to sell an apartment was 34. It was 28 days for townhomes and 34 days for single family detached homes.
During the spring, many homebuyers were holding off on purchase plans as they were unsure about their employment situation. As we slowly pull out of the government lockdown and employment is stabilizing for most people, they are now back to purchasing in what is definitely a delayed spring market.
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