June was the first time since September, monthly sales did not break historical records! We are moving from an extreme sellers market into a strong sellers market. When looking at the Fraser Valley market as a whole, over 40% of active listings sold in June. So, if there are 100 homes on the market in the month of June, this means that 40 of those 100 homes would have sold – anything over 21% indicates a sellers market.
June received 10% less listings compared to May, 2021. I foresee a continued decrease in new listings to be the trend as the summer continues. People are going to be away on camping holidays (especially this year)! Come Fall, we should see an uptick in the amount of listings coming onto the market which will level out the playing field for Buyers.
I had a 2 bedroom, 2 bathroom condo in Langley City listed for sale this past week. It was just over 1000 square feet. We had it priced at $499,900 and for the first 2 weeks, we had steady traffic through, but no bites and the demand was nothing compared to what we were used to seeing earlier in the year.
After 2 weeks and hearing buyer feedback, we reduced the price of the condo by $10,000 to a new list price of $489,900. Within the first day received a full price offer. So, the demand is there, it is just taking the right price and a bit more time to put a deal together! The full price offer we accepted did have subjects in it as well!
Fraser Valley Benchmark Pricing:
Click Here for the full June Stats Package.