Fraser Valley Real Estate is Heating up!

From the FVREB Press Release!! Buyers and sellers in the Fraser Valley took advantage of the record breaking hours of sunshine in July as both sales and listings on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) experienced a noticeable lift. We had an increase of 5 per cent compared to the 1,393 sales in July of last year and 10 per cent more than were processed in June. By historical comparison, sales in July ranked sixth going back to 2004. For over a year, monthly sales in Fraser Valley have been trending at 10-year lows. “We’re likely experiencing some pent-up demand coming off some very slow winter months, tiny changes in mortgage rates are always incentive for many buyers, and let’s not underestimate our glorious weather. For our buyers and sellers, a return to a normal, balanced market is welcome news.” The Board received 2,777 new listings in July – 5 per cent fewer than received during the same month last year, but 6 per cent more than were received in June – leaving the volume of active properties at 10,428 a decrease of 4 per cent compared to July 2012. In July, the benchmark price of single family detached homes in the Fraser Valley was $551,000, virtually on par with $551,400 during the same month last year. For townhouses, the benchmark price was $297,800, a decrease of 1.8 per cent compared to $303,400 in July 2012 and the benchmark price of apartments was $202,000, 2 per cent less than in July 2012 when it was $206,200. If you are considering a move now would be a great time to explore the new listing out there!