Home sales remain steady in July; the lowest supply of inventory in forty years.Market Activity in the Fraser Valley softened in July; however, buyers continue to significantly outnumber sellers resulting in inventory reaching the lowest level for the month since 1981.
The board noted that it processed a decrease of 11% of sales compared to June this year and a 4.5% decrease from July 2020. Sales have continued to remain above normal - 15% above the 10-year average.
I saw demand continue in the region, and recently I have seen an increase in activity with my buyers. We live in a very desirable part of the world, and immigration brings more people into our area. As Baldev Gill, CEO of the Fraser Real Estate Board recently said, ‘ To put our market into perspective, we just came off the third highest sales for July in the last ten years, while home buyer looking to invest in the Fraser Valley had the same level of inventory to choose from that they had forty years ago.
“For the market to reach equilibrium and upward pressure on prices to decrease, we need more inventory”.
We will continue to see the landscape change in South Surrey as more development starts to show itself. We cannot get away from the demand that we have for housing here in the Fraser Valley. There are micro markets within the Fraser Valley Market, and if you need information regarding your particular area, please reach out to me. In the meantime, though, what excellent summer weather we are having!I look forward to hearing from you when you need to chat about your Real Estate needs.
South Surrey Average sale price$1,705,319 | +8.0%
The board noted that it processed a decrease of 11% of sales compared to June this year and a 4.5% decrease from July 2020. Sales have continued to remain above normal - 15% above the 10-year average.
I saw demand continue in the region, and recently I have seen an increase in activity with my buyers. We live in a very desirable part of the world, and immigration brings more people into our area. As Baldev Gill, CEO of the Fraser Real Estate Board recently said, ‘ To put our market into perspective, we just came off the third highest sales for July in the last ten years, while home buyer looking to invest in the Fraser Valley had the same level of inventory to choose from that they had forty years ago.
“For the market to reach equilibrium and upward pressure on prices to decrease, we need more inventory”.
We will continue to see the landscape change in South Surrey as more development starts to show itself. We cannot get away from the demand that we have for housing here in the Fraser Valley. There are micro markets within the Fraser Valley Market, and if you need information regarding your particular area, please reach out to me. In the meantime, though, what excellent summer weather we are having!I look forward to hearing from you when you need to chat about your Real Estate needs.
South Surrey Average sale price$1,705,319 | +8.0%