Housing Supply Ample as Buyers Remain Hesitant in September

03 October 2018
Sutton Premier Realty

SURREY, BC - The slowing of sales activity and expansion of overall inventory that has defined much of 2018 for the Fraser Valley housing market continued in September, with sales at their lowest point and inventory at its highest for the year.

The Fraser Valley Real Estate Board processed 1,035 sales of all property types on its Multiple Listing Service in September, a decrease of 36.1 per cent compared to the 1,619 sales in September of last year, and a 10.4 per cent decrease compared to sales in August 2018. Of those 1,035 sales, 376 were resiedential detached homes, 250 were townhouses, and 275 were apartments. This was the lowest number of transactions in a month this year for each category.

"Buyers remain reluctant as the market continues to adjust, "said John Barbisan, President of the Board. We're seeing good things happening in terms of inventory, but it only opens the door so much while prices are moving at a much slower rate.  Active inventory for the Fraser Valley in September finished at 7,647 listings, increasing 4.2 per cent month-over-month and 30.6 per cent year-over-year. This is the highest level of supply for the Fraser Valley since July 2015.

A total of 2,946 new listings were received by the Board in September, a 14.4 per cent increase from that receive in August 2018, and a 3.4 per cent increase compared to September 2017's intake.

"If you want to sell soon, the most important thing you can o to be successful is to price effectively. Talk to you REALTOR who can help you understand what buyers are looking for in your local makret."

For the Fraser Valley region, the average number of days to sell an apartment in september was 33, and 32 for townhomes. Single famiy detached homes remained on the market for an average of 39 days before selling.

-FVREB Oct 2, 2018