Sales of homes in the Fraser Valley dropped 43.5% in June compared to a year earlier with just 1,452 sales processed through the real estate board’s MLS.
The figure is a drop of more than 17% month-over-month while inventory climbed 30.1% year-over-year and 6% month-over-month to 7,141.
“Demand is shifting back towards typical levels for our region, and market activity is reflecting that,” John Barbisan, President of the Board, said. “This has given our inventory a much-needed chance to recover and move the Valley towards a more balanced real estate landscape.”
There was a 20.8% decline in new listings in June compared to May with 3,140 homes added, down 15.3% from June 2017.
Prices still rising
Despite rising inventory and falling sales, the benchmark prices for homes in the Fraser Valley continue to rise.
For single-family detached, the $1,018,900 benchmark decreased 0.2% per cent compared to May 2018 but increased 9% compared to June 2017.
Townhomes saw a 0.5% increase month-over-month and a 19.5% rise year-over-year to $558,000; and apartments were up 0.1% m-o-m and 39.4% y-o-y to $453,500.
Barbisan said that there is a gradual slowdown in price increases.