The Fraser Valley is defying the expected statistical blues by producing a strong July 2012. Sales of MLS listings for the Fraser Valley Read Estate Board (FVREB) for July were 1,391, that's 5% higher than July 2011 (sales of 1,322).
There were 10,813 listings on the FVREB at the end of July 2012 (which includes 2,928 new listings added in July). For sellers this means that the number of listings are higher than average but the market is considered "stable". The reason it is stable is that sales are slow but steady. The steady sales are mostly from townhomes sales which have greater affordability than detached homes. In July 2012 there were 25% more townhome sales than July 2011 (condo sales were also up, but by 7%). Ther average selling price of a single family home throughout the Fraser Valley was $551,400 which was higher than 2011 by 3.4%.
The FVREB emphasizes location is paramount in determining sales prices. Prices are up by 8% in some areas and down by 5% in others. The two main factors are location and property type.
If you'd like a free comparative market analysis, call me, at 604-785-7066