Townhomes and apartments took the lion’s share of home sales (54%) with 1,018 of the 1,879 total sales in August. Total sales were up 10.9% month-over-month but down 3% year-over-year.
“It’s not surprising to see demand like this still so late into the summer; the Fraser Valley has never been a better place to live than it is now,” said Board President Gopal Sahota. “Our communities are thriving, and there are still affordable options throughout our region. Also, it doesn’t hurt that removing the bridge tolls gives us even greater access to the Lower Mainland.”
Inventory was down 4.3% month-over-month and 6.4% year-over-year to 5,712 while new listings tumbled 20.2% from July and 7.3% from August 2016.
The benchmark price for single-family detached homes was down 1% from July and 10.2% from August 2016 to $976,000. Townhome prices gained 1.2% month-over-month and 16.6% year-over-year to a benchmark of $491,900. Apartments reached $349,300, up 2.4% from July and 32.8% from August 2016.
More market update:
Home sales increased in the Fraser Valley last month compared to July but remained lower than a year ago.