Fraser Valley home sales picking up pace

Sales of new homes in the Lower Mainland jumped in June, according to sales numbers released by the Fraser Valley Real Estate Board.

The board said sales in the area stretching from North Delta to Abbotsford were 26 per cent higher than in the same month in 2013.

The jump to 1,668 sales was two per cent higher than in May.

“Over the last three months, we’ve seen a surge in demand specifically for single family homes and townhomes in most of our communities,” said Ray Werger, Fraser Valley Real Estate Board president.

Families with children are the main category of buyer, said Werger.

The benchmark price – a price that the FVREB defines as the price of an average home – rose 1.3 per cent year over year.

A typical detached home cost $568,600 in the region, an increase of 1.3 per cent compared to the previous year.

While the price of houses increased, the benchmark price of townhouses was essentially flat, dropping 0.3 per cent to $297,800, while the price of a condo dipped below $200,000 to $197,000, a decline of 2.7 per cent over June 2013.

In Langley, increases in sales were not as sharp as in other parts of the region.

Langley saw 152 detached houses sell in June, up 8.6 per cent from a year earlier. A total of 88 townhouses sold, a 14.3 per cent increase, and 34 condos, down 22.7 per cent from June 2013.

While benchmark prices for all three types of housing saw modest increases or remained roughly flat, the average and median prices were quite different.

The average price for a detached house in Langley was $614,802 in June, up 2.1 per cent from the same month a year earlier. Townhouses saw a 9.7 per cent rise to $347,955. Condos declined to $203,441, a two per cent dip.

“We’re essentially seeing two markets right now, so it’s important to get advice dependent on what you’re listing or buying. Competitively priced, mid-range single family homes are being snapped up quickly, on average in a little over a month, whereas condos and higher-end, executive homes in our region are taking as long as three months on average to sell.”

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