A hot August market kept Fraser Valley real estate results on a positive track for 2014. A total of 1,302 sales in the month resulted in the best August sales results for the Fraser Valley real estate market since 2011.
Ray Werger, president of the Fraser Valley Real Estate Board, said, "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."
The Board added 2,382 new properties to the MLS® in August, finishing the month with 9,403 active listings.
Werger notes, "With interest rates as competitive as they are combined with the increase of affordable, new townhome developments in Cloverdale and Langley in particular, we're seeing first-time buyers bypass the condo phase to jump immediately to a larger, more expensive townhouse or a smaller single family home."
The MLS® Home Price Index benchmark price of a single family detached house in the Fraser Valley in August was $569,800, compared to $298,500 for townhouses and $196,700 for apartments.
The markets for detached and attached homes are very different. Please call me for an explanation of all your buying and selling options in today's real estate market.