Fraser Valley apartment sales reach all-time high in June
SURREY, BC – While overall market activity slowed slightly in June, apartment sales reached record-breaking levels at 683 transactions for the month.
The Fraser Valley Real Estate Board processed 2,571 sales of all property types on its Multiple Listing Service® (MLS®) in June, a decrease of 10.2per centcompared to the 2,864 sales in June of last year, and a 5per centdecrease compared to the 2,707 sales in May 2017.
At 683 sales, apartment transactions represented 27per centof all sales activity in the Fraser Valley in June, increasing 13.1per centcompared to apartment sales in June 2016 and 12.2 per cent compared to May 2017. The average number of days to sell an apartment in June was 15 days, compared to 32 at this time last year.
“We knew that there was a growing appetite for our attached properties, but this month was exceptional,” said Gopal Sahota, Board President. “I think one reason demand has continued to be so strong for our region is that we have such diverse, robust inventory to help buyers find the right home even in a more complex market like this one.”
Last month the total active inventory for the Fraser Valley was 5,487 listings. Active inventory decreased by 2.2 per centyear-over-year,and increased 5.5 per centwhen compared to May 2017.
The Board received 3,707 new listings in June, a 0.1per cent increase from June 2016, and a 0.1per cent decrease compared to May 2017’s 3,712 new listings.
Sahota added, “More and more buyers are looking for affordable entry pointsin tothe Fraser Valley. No matter what you’re trying to sell – from townhomes to ranchers – if it’s priced right, someone will be knocking on your door.”
For the Fraser Valley region, the average number of days to sell asingle familydetached home in June 2017 was 21 days, compared to 17 days in June 2016.
HPI® Benchmark Price Activity
• Single Family Detached: At $934,600, the Benchmark price for a single family detached home in the Valley increased 2.1 per cent compared to May 2017, and increased 8.5 per cent compared to June 2016.
• Townhomes: At $467,000 the Benchmark price for a townhome in the Fraser Valley increased 1.8 per cent compared to May 2017, and increased 20.6 per cent compared to June 2016.
• Apartments: At $325,300, the Benchmark price for apartments/condos in the Fraser Valley increased 10.3per cent compared to May 2017, and increased 40.3per cent compared to June 2016.
Report Courtesy of the Fraser Valley real estate board.