Consistent with a typical summer lull, the July statistics for the Fraser Valley are showing double digit decreases in sales (20-28%) and corresponding increases in inventory. For context, July 2016 (reminder: this was before the implementation of the foreign buyer tax) reported even greater decreases in sales, over 30% in townhomes and condos. The July 2017 decrease is normal for this time of year.
Consistent with the seasonal trend, July statistics also show a slight increase in days on market and a decrease in the sale price as a percent of original list price.
Despite the seasonal impact, benchmark sale prices continue to climb aggressively in all three product categories. Most notable is a 7.1% increase, month-over-month, in the benchmark price of a condo in Langley and 5% in Abbotsford. Year over year, Abbotsford condos are up nearly 38%. Detached homes across the Fraser Valley rose 3.4% and townhomes a further 4.0%, over last month.
Check out our curated summary of the Fraser Valley Real Estate Board’s July 2017 stats in infographics here.
View the Fraser Valley Real Estate Board’s entire stats package for July 2017 here.
This representation is based in whole or in part on data generated by the Fraser Valley Real Estate Board which assumes no responsibility for its accuracy.