Market Update: Best August Since 2011



According to the recent report from the FVREB, the local market experienced the strongest August since 2011.

 

More than 1,300 sales were processed in August, a 3% increase over the same month last year.

 

According to Ray Werger, president of the Board, “As usual, we saw a typical summer slowdown in August compared to July, however like every month so far in 2014, August sales were higher than last year. It’s the continuation of the story we’ve seen all year; a return to a normal, balanced market.”

 

Here are a few of the report highlights:

 

- Single family homes continue to outpace sales of townhouses and condos

 

- Many first time home buyers are skipping condos as a first- time home purchase and proceeding directly to townhomes and other larger properties

 

- The benchmark price for detached homes in August was $569,800; for townhouses it was $298,200

 

To view the full report, click here.

 

Are you a first time home buyer? What do you hope for as your first home purchase? Or are you a seasoned home buyer looking to move up the property ladder? I can help you find the area that's right for you and get you a home you'll be excited about. Contact me today!

Categories
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.