The slowing of sales activity and expansion of overall inventory continued in September for the Fraser Valley housing market. Sales reached their lowest point, and inventory hit its highest for the year on September 2018.

The Fraser Valley Real Estate Board processed 1,035 sales of all property types on its Multiple Listing Service® (MLS®) in September. This marked a 36.1 per cent decrease compared to 1,619 sales in September of last year. Sales also dropped 10.4 per cent compared to August 2018.

Of those 1,035 sales, 376 were residential detached homes, 250 were townhouses, and 274 were apartments. Each category saw its lowest number of transactions in a month this year.

Market Adjustment and Buyer Reluctance

“Buyers remain reluctant as the market continues to adjust,” said John Barbisan, President of the Board. “We’re seeing good things happening in terms of inventory, but it only opens the door so much while prices are moving at a much slower rate.”

Active inventory for the Fraser Valley in September finished at 7,647 listings. This showed a 4.2 per cent increase month-over-month and a 30.6 per cent increase year-over-year. This represents the highest level of supply for the Fraser Valley since July 2015.

The Board received a total of 2,946 new listings in September. This marked a 14.4 per cent increase from August 2018. It also showed a 3.4 per cent increase compared to September 2017’s intake.

Strategic Pricing is Key for Sellers

“If you want to sell soon, effective pricing is the most important thing you can do to be successful,” advised John Barbisan. “Talk to your REALTOR® who can help you understand what buyers are looking for in your local market.”

For the Fraser Valley region, apartments averaged 33 days to sell in September. Townhomes sold in 32 days on average. Single-family detached homes remained on the market for an average of 39 days before selling.

HPI® Benchmark Price Activity on September 2018

  • Single Family Detached: The Benchmark price for a single-family detached home in the Fraser Valley was $988,900. This decreased 2 per cent compared to August 2018. It increased 1.1 per cent compared to September 2017.
  • Townhomes: The Benchmark price for a townhome in the Fraser Valley was $546,100. This decreased 0.4 per cent compared to August 2018. It increased 9.5 per cent compared to September 2017.
  • Apartments: The Benchmark price for apartments/condos in the Fraser Valley was $438,700. This decreased 1 per cent compared to August 2018. It increased 22.5 per cent compared to September 2017.

Originaly posted on Fraser Valley Real Estate Board, September 2018

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