The Fraser Valley Real Estate Board recently published the MLS® statistics for the real estate market, among others, for July 2016.
In this post, we’re going to take a close look at key numbers for the detached home market for July 2016 – including sales, new listings, active listings, as well as benchmark, median and average prices for detached homes for sale in .
[cleveryoutube video=”” style=”1″]We're also going to see what kind of shape the detached home market in was in for the month – whether it was a buyer's market, a balanced market, or a seller's market.
A slowing down in activity is expected during the summer. While it may seem drastic or alarming when compared to months prior, this easing off is welcome as we get further into the year – the pace of the market slows, and inventory has a chance to catch up.
Charles Wiebe, President of the FVREB – President, Fraser Valley Real Estate Board
And we're going to look at how the Abbotsford MLS® numbers for July 2016 compare with the numbers for July 2015 and for June 2016.
Highlights of FVREB MLS® Data on Detached Home Listings and Sales
Here's a high-level snapshot of listing and sales activity for detached homes in July 2016.
- 174 Sales
- 228 New Listings
- 323 Active listings
- $653,800 Benchmark Price
- $652,500 Median Price
- $676,379 Average Price
The sales-to-active-listings ratio netted out a market absorption rate of 53.87%, indicating that it was a Seller's Market for detached homes in in July 2016 (click on the link learn more about local housing market ratios on the BC Real Estate Association blog).
Please note: If you want the most accurate and up-to-date data on MLS® listing and sales activity for detached homes, you need to speak with a real estate agent.
Detached Home Market Changes
Following are some of the highlights for detached homes for sale in in July 2016:
- There were 174 detached home sales in in July 2016 – an increase of 10.83% over July 2015 and a decrease of -18.69% over June 2016
- There were 228 new listings of detached homes in in July 2016 – an increase of 27.37% over July 2015 and a decrease of -20.56% over June 2016
- The average price of a detached home in in July 2016 was $676,379 – an increase of 35.34% over July 2015 and a decrease of -1.56% over June 2016
If you're really keen to understand what happened in the market for detached home in in July 2016, make sure you check out the next section.
Detailed Overview of the Market for Detached Homes in
Check out the table below for more detailed information on what happened in the detached home market in July 2016 and see how it compares with the previous year and previous month.
Detached Home Stats
Metric | Jul 2016 | Jul 2015 | % Change | Jun 2016 | % Change |
---|---|---|---|---|---|
Sales | 174 | 157 | 10.83% | 214 | -18.69% |
New Listings | 228 | 179 | 27.37% | 287 | -20.56% |
Active Listings | 323 | 369 | -12.47% | 339 | -4.72% |
Benchmark Price | $653,800 | $477,000 | 37.06% | $642,300 | 1.79% |
Median Price | $652,500 | $475,000 | 37.37% | $642,500 | 1.56% |
Average Price | $676,379 | $499,778 | 35.34% | $687,116 | -1.56% |
Disclaimer
All of the data for the monthly real estate market updates are taken directly from the MLS® statistics packages that the Fraser Valley Real Estate Board publishes every month.
Although rare, errors and omissions may happen from time to time. If you want to be absolutely certain the you have the most accurate data, we encourage you to click on the link to the latest MLS® statistics for the real estate market.
Or, better still, speak directly with a real estate agent who specializes in detached homes who will be able to provide you with the most accurate, up to the minute information on – and insights into – the real estate market.