Last month, the Fraser Valley real estate market enjoyed its strongest June in four years, with 1,688 sales processed on the Fraser Valley Real Estate Board’s Multiple Listing Service ® (MLS®). This is a 26 per cent increase compared to June 2013, and 2 per cent higher than sales in May.
Statistics show an increase in demand specifically for single family homes and townhomes, as more families take advantage of low interest rates and relatively stable prices.
There were 13 per cent more new listings in the Fraser Valley this past June (2,974 new listings) than there were in June 2013. The Board had 9,853 total active listings in the Fraser Valley in June, representing a decrease of 6 per cent compared to the same time last year.
In June, the benchmark price, as determined by the MLS® Home Price Index (MLS® HPI), of a ‘typical’ single family detached home in the Elgin-Chantrell area was $1,437,700 which is a 1.71 per cent increase from last month (and a 7.66 per cent increase from this time last year).
It’s important to note, however, that different segments of the market and different areas are not behaving exactly the same. Mid-range single-family homes are selling on average in a little over a month, while condos and higher-end homes are taking on average up to three months to sell.
If you are thinking of listing or of buying, give me a call to see where you fit in this exciting market. Call me - I'm Holm!