Here is the data release from the Fraser Valley Real Estate Board. The numbers were strong from a sales and pricing perspective. Inventory has not exploded as in many other markets and sales are still brisk, resulting in price increases. August was the month when most of the lower rate mortgage pre-approvals expired and that clearly had an impact on sales so it will be interesting to see what September brings for listings and sales data. Typically, inventory has risen through the fall and sales typically slow down too.
There were 1763 Sales and 8286 Active Listings representing 4.7 Months of Inventory. I expect inventory to explode upwards in the next few months and the months of inventory to be above 6.0 by October. There is a very strong correlation between the Months of Inventory and Quarterly Price Changes.
Median Price of a detached house was $485,000.00
Median Price of an apartment was $212,000.00
Median Price of a townhouse was $310,000.00
House Price Index of 220.3
9.3% Year over year increase in prices
2.2% quarterly increase in prices
1.3% month over month increase in prices
This chart represents the past data and my future expectations if inventory shoots up and sales drop off substaintially. If inventory is stable and sales are strong then my expectations are out the window!