It's not unusual for real estate market activity to cool down this time of year, but consecutive interest rate increases are likely also playing a significant role in dampening market activity, according newIn July, the Fraser Valley recorded a grand total of 1,368 home sales, a 29.3% decrease from the 1,935 recordedIn terms of new listings, July saw 2,855, which was 16.6% less than the 3,424 new listings in June. The number of new listings is 19.
"Summer is typically a slower period for the real estate sector and the higher interest rates are contributing to the market slowdown," said FVREB Chair Narinder Bains. "We're seeing less traffic and fewer multiple offers as buyers and sellers put a pause on decisions and we expect this trend to continue until the fall cycle.
With 1,368 home sales and 2,855 new listings recorded in July, the sales-to-new-listings ratio is now at 47.9%. In June, the ratio was at 56.5%, indicating that the market has moved towards more of a balance.-listings ratio, 12% or lower is viewed as a buyers' market, 20% or over is viewed as a sellers' market, and anything in between is viewed as market balance.
By property type, the sales-to-active-listings ratio is now 17% for single-detached homes, 45% for townhouses, and 36% for condominiums.According to FVREB, the benchmark price is now $1,543,300 for single-detached homes, $850,300 for townhouses, and $555,500 for condominiums. All three represent minor increases between 0.6% and 1.1% over June.