There were 1,458 home sales in the Fraser Valley last month, a rise of 13% compared to July 2018.
The month-over-month increase was 11.6% while listings eased slightly according to the Fraser Valley Real Estate Board.
“We’ve been expecting market improvement but didn’t quite anticipate July’s momentum. We’ve gone from the worst June in almost 20 years to a July that’s only slightly below the 10-year average. For both buyers and sellers, a return to an active, more balanced market is welcome news,” said Chris Shields, President-Elect of the Board.
As with some other housing markets, the board says that pent-up demand is boosting sales and the Fraser Valley saw rising activity in open houses and among first-time buyers.
There were 8,340 active listings available in the Fraser Valley at the end of July, an increase of 12.7% compared to July of last year and a decrease of 2.1% compared to June 2019.
There were 2,797 new listings, a 0.5% decrease compared to June and down 4.2% compared to July of last year.
HPI® Benchmark Price Activity
- Single Family Detached: At $957,400, the Benchmark price for a single-family detached home in the Fraser Valley decreased 0.3% compared to June 2019 and decreased 6.3% compared to July 2018.
- Townhomes: At $520,700, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 0.9% compared to June 2019 and decreased 6.6% compared to July 2018.
- Apartments: At $409,700, the Benchmark price for apartments/condos in the Fraser Valley remained unchanged compared to June 2019 and decreased 9% compared to July 2018.