Great news for those in the Fraser Valley real estate market – buyer demand continues to grow.
The Fraser Valley Real Estate Board enjoyed its busiest July in five years with the Board’s Multiple Listing Service® (MLS®) processing 1,615 sales last month. This is an increase of 11 per cent compared to the same time last year and, encouragingly, 1.4 per cent above the 10-year average for the month of July.
New listings totalled 2,724, a decrease of 2 per cent compared to the same time last year, while total active listings in the Fraser Valley was 9,636, a decrease of 8 per cent compared to July 2013.
The continued buyer demand has caused an increase in benchmark prices over the past year for single family homes in many areas of the Fraser Valley. For example, the MLS® Benchmark price of a “typical” single family home in the Elgin Chantrell area of South Surrey has risen almost 8 per cent over the last year, to $1,423,100, and market activity remains strong in this area.
As this market strength continues into the summer, it’s important to remember that different areas, even within the same city, can experience different trends. Feel free to give me a call to see how your area is performing!