(Surrey, BC) – Halfway through 2007, the Fraser Valley housing market remains strong with 2,053 sales processed on the Multiple Listing Service® (MLS®) in June, a decrease of only three per cent compared to last year’s 2,126 sales, the second highest June on record.
“Summer is traditionally a slower time for real estate sales, but what REALTORS® are seeing currently is on par with some of the strongest real estate cycles in Fraser Valley’s history,” says Jim McCaughan, President of the Fraser Valley Real Estate Board.
The number of new listings at 3,082 is five per cent higher in June compared to the 2,938 new listings added to the MLS® in June of last year. The total number of active listings in June remained buoyant with 8,182, a 39 per cent increase over the 5,893 active listings the same month last year.
“We did see a two per cent dip in the number of active listings from May to June of this year, which makes sense when you look at the strong sales,” says McCaughan. “Buyers want the increase in choice. At the same time, sellers are moving to catch prices while they remain strong.”
Prices increased across all residential property types during the month of June compared to the same month last year. Single family detached homes in the Fraser Valley averaged $529,678, an increase of 11.5 per cent compared to last year’s average price of $475,075.
Townhouses averaged $321,614 in June, a 10.9 per cent increase compared to the average price last year of $290,016 and the average price of apartments last month was $219,935 compared to $189,226 in June of 2006, an increase of 16.2 per cent.