The sale of single family detached homes in the Fraser Valley increased by only 1 per cent in July

The area that experienced the greatest year-over-year decrease in sales – at 32 per cent – was South Surrey/White Rock where a typical single family detached home was valued at just under $880,000. “We are seeing a reduction in sales of higher-end homes. Last July was one of the busiest on record in that area, so the decrease appears sharper. South Surrey/White Rock would normally see about 100 detached homes sell in July and last month 86 sold, keeping the market competitive and prices resilient,” explains Olson.

Across the Fraser Valley, the benchmark price of a single family detached house in July was $551,400, an increase of 3.4 per cent compared to $533,400 in July 2011.

For townhouses, the benchmark price in July was $303,400, a decrease of -0.6 per cent compared to $305,200 during the same month last year. The benchmark price of apartments in Fraser Valley in July was $206,200, an increase of 2.5 per cent compared to $201,200 in July 2011.

FVREB President Scott Olson adds, “Real estate is highly local. Depending on the property type and community, prices can be up by 8 per cent or down by 5 per cent compared to a year ago. Contact your REALTOR® for accurate, detailed data about your neighbourhood.”

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