Homebuyers in the Fraser Valley are staying cautious allowing inventory to build in the market.
The latest sales data from the Fraser Valley Real Estate Board shows 1,035 sales processed through the MLS in September, down 36.1% year-over-year and down 10.4% from August.
Inventory has increased to 7,647 listings, up 4.2% month-over-month and 30.6% year-over-year - the highest level of supply for the Fraser Valley since July 2015.
New listings were up 14.4% year-over-year and 23.4% month-over-month to 2,946.
“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.”
All three property types saw their lowest sales in any month of 2018 so far: 376 residential detached homes, 250 townhouses, and 274 apartments.
HPI® Benchmark Price Activity
- Single Family Detached: $988,900, down 2% compared to August 2018 and up 1.1% compared to September 2017.
- Townhomes: $546,100, down 0.4% compared to August 2018 and up 9.5% compared to September 2017.
- Apartments: $438,700, down 1% compared to August 2018 and up 22.5% compared to September 2017.