Looking back over the past 10 years of statistics, August is always a slow month. What’s interesting about this August is that it appears to have slowed considerably less than normal. Active listings are down as fewer new listings came to market but sales are up in both multi-family product categories. Furthermore, over the past 5 years detached homes have decreased 19% to 29% in August. This past August detached home sales decreased by less than half of that, falling only 9%. These statistics indicate that demand remains strong across all residential product types.
The increase in benchmark prices across the entire Fraser Valley was less aggressive this month than in July, but there was an increase nonetheless. Isolating submarkets we see price increases in all product types in Langley. South Surrey was a different story this month, reporting very mild decreases for townhomes and detached homes. It will be interesting to see if September continues this trend or if it is merely a result of seasonality. Condos in South Surrey, on the other hand, increased another 3.3% month over month.
Another minimal increase in average days on market was reported for August 2017 but this is to be expected for any August. Multi-family listings are still selling in well under 3 weeks on average.
Check out our curated summary of the Fraser Valley Real Estate Board’s August 2017 stats in infographics here.
View the Fraser Valley Real Estate Board’s entire stats package for August 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.