Fraser Val­ley apart­ment sales reach all-time high in June

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Sur­rey: While over­all mar­ket ac­tiv­ity slowed slightly in June, apart­ment sales reached record­break­ing lev­els at 683 trans­ac­tions for the month.

The Fraser Val­ley Real Es­tate Board pro­cessed 2,571 sales of all prop­erty types on its Mul­ti­ple List­ing Ser­vice (MLS) in June, a de­crease of 10.2 per cent com­pared to the 2,864 sales in June of last year, and a 5 per cent de­crease com­pared to the 2,707 sales in May 2017. At 683 sales, apart­ment trans­ac­tions rep­re­sented 27 per cent of all sales ac­tiv­ity in the Fraser Val­ley in June, in­creas­ing 13.1 per cent com­pared to apart­ment sales in June 2016 and 12.2 per cent com­pared to May 2017. The av­er­age num­ber of days to sell an apart­ment in June was 15 days, com­pared to 32 at this time last year.

“We knew that there was a grow­ing ap­petite for our at­tached prop­er­ties, but this month was ex­cep­tional,” said Gopal Sahota, Board Pres­i­dent. “I think one rea­son de­mand has con­tin­ued to be so strong for our re­gion is that we have such di­verse, ro­bust in­ven­tory to help buy­ers find the right home even in a more com­plex mar­ket like this one.”

Last month the to­tal ac­tive in­ven­tory for the Fraser Val­ley was 5,487 list­ings. Ac­tive in­ven­tory de­creased by 2.2 per cent year-overyear, and in­creased 5.5 per cent when com­pared to May 2017. The Board re­ceived 3,707 new list­ings in June, a 0.1 per cent in­crease from June 2016, and a 0.1 per cent de­crease com­pared to May 2017’s 3,712 new list­ings. Sahota added, “More and more buy­ers are look­ing for af­ford­able en­try points in to the Fraser Val­ley. No mat­ter what you’re try­ing to sell – from town­homes to ranch­ers – if it’s priced right, some­one will be knock­ing on your door.” For the Fraser Val­ley re­gion, the av­er­age num­ber of days to sell a sin­gle fam­ily de­tached home in June 2017 was 21 days, com­pared to 17 days in June 2016.

HPI Bench­mark Price Ac­tiv­ity

• Sin­gle Fam­ily

De­tached: At $934,600, the Bench­mark price for a sin­gle fam­ily de­tached home in the Val­ley in­creased 2.1 per cent com­pared to May 2017, and in­creased 8.5 per cent com­pared to June 2016.

• Town­homes:

At $467,000 the Bench­mark price for a town­home in the Fraser Val­ley in­creased 1.8 per cent com­pared to May 2017, and in­creased 20.6 per cent com­pared to June 2016.

• Apart­ments:

At $325,300, the Bench­mark price for apart­ments/con­dos in the Fraser Val­ley in­creased 10.3 per cent com­pared to May 2017, and in­creased 40.3 per cent com­pared to June 2016.

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