The Fraser Valley Real Estate Board enjoyed its best August in three years this past month, with 1,302 sales processed on the Multiple Listing Service® (MLS®) for the month. While this total was a 19 per cent decline from the previous month of July, it is important to note that there is a typical seasonal drop in sales at this time of year, as summer starts to wind down.
What is encouraging is that August continued this year’s trend where each month has had higher sales than the same time last year, indicating a balanced market. Sales in August 2014 were 3.5 per cent higher than sales in August 2013. Single family detached homes in the Fraser Valley drove most of the month’s sales, with a 6.2 per cent increase compared to this time last year, and a 3.4 per cent increase in benchmark prices.
Total new listings were 1.2 per cent higher than the same time last year, at 2,382, while total active listings in the region dropped 7.1 per cent compared to August 2013.
Interestingly, the Elgin-Chantrell area of South Surrey has experienced a 9.3 per cent increase in benchmark prices for single family detached homes over the past year. The benchmark price for a detached home in this lovely area currently sits at $1,408,400.
There were a total of 102 homes sold in South Surrey/White Rock in the month of August, and over 10 per cent of those homes were sold in the Elgin-Chantrell neighbourhood, with the majority of those being single detached homes.
The markets for each area, and each type of property, are of course different, so if you are interested in listing or buying, I would be more than happy to discuss with you. Call me – I’m Holm.