Nothing about 2020 is “as usual” including July’s sales! Last month’s sales were 25.5 per cent above the ten-year average for July and sales were up 44% compared to this time last year.
After the lack of a Spring market we saw this year- which is usually the busiest time of the year- I was certainly not expecting as quickly of a rebound, however, that was not the case. I attribute this to pent up Buyer demand and the continuation of low supply across all product types.
In total, the Fraser Valley Board processed over 2100 sales and received 3,549 new listings. It is a sellers market at the moment and Buyers are taking advantage of the record setting low interest rates.
MLS® HPI Benchmark Price Activity
- Single Family Detached: At $1,008,000, the Benchmark price for a single-family detached home in the Fraser Valley increased 1.4 per cent compared to June and, increased 5.3 per cent compared to July 2019.
- Townhomes: At $563,200, the Benchmark price for a townhome in the Fraser Valley increased 0.6 per cent compared to June and increased 3.3 per cent compared to July 2019.
- Apartments: At $437,300, the Benchmark price for apartments/condos in the Fraser Valley increased 0.5 per cent compared to June and increased 3.8 per cent compared to July 2019.