For the second month in a row, home sales in the Fraser Valley surpassed 2018 levels bringing the market closer to historical norms.
The Fraser Valley Real Estate Board processed 1,297 sales of all property types on its Multiple Listing Service® (MLS®) in August, an 11 per cent decrease compared to sales in July 2019, and a 12.3 per cent increase compared to the 1,155 sales in August of last year.
Darin Germyn, President of the Board, observed, "Compared to last year, this August has been quite robust. All property types are selling and we're seeing a resurgence in the single-family detached market. Across North Delta, Surrey and Langley, sales are up over 25 per cent."
"It's great to see. We're returning to a normal, steady market. Our sales, new listings and number of active listings in August were all slightly below the 10-year average."
There were 8,040 active listings available in the Fraser Valley at the end of August, an increase of 9.6 per cent compared to August of last year and a decrease of 3.6 per cent compared to July 2019. The Board received 2,357 new listings in August, a 15.7 per cent decrease compared to July 2019's intake of 2,797 new listings and an 8.5 per cent decrease compared to August of last year.
HPI® Benchmark Price Activity
For the Fraser Valley region, the average number of days to sell an apartment in August was 45, and 36 for townhomes. Single family detached homes remained on the market for an average of 44 days before selling.