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Surrey has always been a popular area for realty activity but the BC market is shifting drastically with new trends. Market activity in the Fraser Valley – both sales and new listings – softened in July. However, buyers continued to significantly outnumber sellers resulting in inventory reaching the lowest for the month since 1981. Continue reading to learn more.
Fraser Valley Home Steady Sales for July: Lowest Supply in 40 Years!
The Board processed a total of 2,006 property sales on its Multiple Listing Service® (MLS®) in July, a decrease of 11 per cent compared to June and a 4.5 per cent decrease compared to the same month last year. Sales continued to remain above normal for July – 15 per cent above the ten-year average.
Larry Anderson, President of the Board, said, “A summer slowdown is typical. We anticipated that once people could travel and enjoy family time safely, they would do so, and we couldn’t be happier for everyone.
“Demand for homes in our region, however, remains above average – for fourteen months we have been in a seller’s market for Fraser Valley detached homes, townhomes and condos – and yet for the last four months, new listings in our region have been decreasing.”
In July, the Board received 2,431 new listings, a decrease of 31.5 per cent compared to last year, and a decrease of 22 per cent compared to June 2021.
The month ended with total active inventory sitting at 4,901, a 10.5 per cent decrease compared to June, and 33 per cent fewer than July 2021.
Baldev Gill, Chief Executive Officer of the Board, added, “To put our market in perspective, we just came off the third highest sales for July in the last ten years, while home buyers looking to invest in the Fraser Valley had the same level of inventory to choose from that they had forty years ago.
“For the market to reach equilibrium and upward pressure on prices to decrease, we need more inventory.”
Across Fraser Valley, in July, the average number of days to sell a single-family detached home was 26 and a townhome was 15 days. Apartments took, on average, 24 days to sell.
MLS® HPI Benchmark Price Activity
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Single Family Detached
At $1,319,200, the Benchmark price for an FVREB single-family detached home decreased 0.4 per cent compared to June 2021 and increased 30.9 per cent compared to July 2020.
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Townhomes
At $688,400, the Benchmark price for an FVREB townhome increased 1.5 per cent compared to June 2021 and increased 22.3 per cent compared to July 2020.
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Apartments
At $494,000, the Benchmark price for an FVREB apartment/condo increased 0.1 per cent compared to June 2021 and increased 13.0 per cent compared to July 2020.
Conclusion
The way the market is right now, it seems buyers will continue to significantly outnumber sellers. This will also push the housing inventory to reach their lowest since 1981. The BC government is still looking for ways to alleviate this but as of now, we will continue to wait for better house seller to house buyer rates in the coming months.
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About Liz Penner | Your Best Langley Real Estate Agent
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Liz Penner is a top-selling licensed real estate salesperson with the Fraser Valley Real Estate Board and has been a top-selling realtor specializing in the residential resale of condos, townhomes, and houses for over a decade. Liz assists residents of the Langley and Surrey areas to sell real estate while looking out for the client’s best interests. Liz also helps first-time homebuyers, families, and repeat purchasers with their property search process, ensuring that her clients get access to the very best homes on the market while receiving excellent service ensuring that they find the perfect place to call home.
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Liz holds a BBA in leadership and has completed a variety of specific training through the Fraser Valley Real Estate Board in the areas of selling strata properties, foreclosures, estate sales, and new construction properties. Liz is also well versed in POAs, the Strata Property Act, and more.
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If you are looking for a knowledgeable and professional real estate agent that is willing to do everything possible to ensure that you get top dollar for the sale of your home or to find the dream home you are looking for in the Surrey and Langley, BC areas then get in contact today.
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Why list your home for sale with Liz Penner
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- I’ve helped my clients sell over 400 condos, townhomes, and houses throughout the Langley and Cloverdale area, and I’d love the opportunity to do the same for you.
- I’ve experienced straightforward sales and sales that have gone off the rails, back on the rails, off the rails, and then back on again. That’s just the way the real estate train rolls, and it never rattles me.
- I’ve got a solid toolkit to pull from when a problem arises. I take my job seriously each time, and I will make sure you get top dollar for your Fraser Valley, Langley, or Cloverdale home, smooth sailing, or otherwise.
- If you’re looking for a realtor that you can count on in the Langley and Surrey area.
- I’m your Agent!
- If you want top dollar for your home
- I can do that!
- Do you want to save money on your next home purchase?
- I can do that too!
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What you can expect when working with Liz Penner
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- Fast, Reliable, and Quality service
- Frequent Communication – from somebody who is available to serve you in the key moments that matter.
- Expert Advice – from a well-trained and well trained and experienced agent with almost 2 decades of experience as a top-selling real estate agent.
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