The Fraser Valley Real Estate Board (FVREB) says robust active listings and relative steady sales activity continued to bring balance to the local real estate market in August.
The past several months of rising inventory combined with a slowing trend in sales has also seen benchmark prices return to levels not seen since last year, the FVRB said in its latest news release.
In August, the FVRB processed an increase of 2.4 per cent sales compared to July, and a 51.3 per cent decrease compared to August 2021.
The FVRB received a decrease of 14.3 per cent new listings compared to July 2022, and only 2.9 per cent less than August 2021.
The month ended with a total active inventory seeing a decrease of 8.5 per cent from July 2022, but up by 44 percent compared to August 2021.
“For the past three months we’ve seen the local market return to a more balanced state,” said board president Sandra Benz. “With the Fraser Valley continuing to settle after months of record sales and prices, we expect to see more activity this coming fall as buyers look to capitalize on the region’s reputation for providing greater value for the real estate dollar.”
Benchmark prices continued to fall across all property categories, bringing them in relative line with prices from December 2021 and eating into year-over year gains.
According to the FVRB, the benchmark price for a detached single-family house in North Delta was $1,345,700 this August, down 4.7 per cent from July. It was still up 6.5 per cent from August 2021, when the benchmark was $1,264,00.
The benchmark for a North Delta townhouse this August was $886,100, down almost six per cent from July but still up almost 12 per cent from August 2021.
The benchmark for a North Delta condo last month was $567,000, down just over four per cent from July but still up just over 20 per cent from August 2021.