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Abbotsford Detached Home Market Update August 2017

Home » Market Updates » Abbotsford Detached Home Market Update August 2017

The Fraser Valley Real Estate Board recently published the MLS® statistics for the real estate market, among others, for August 2017.

In this post, we’re going to take a close look at key numbers for the detached home market for August 2017 – including sales, new listings, active listings, as well as benchmark, median and average prices for detached homes for sale in .

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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.

It's not surprising to see demand like this still so late into the summer; the Fraser Valley has never been a better place to live than it is now.

Gopal Sahota, President of the FVREB – President, Fraser Valley Real Estate Board

And we're going to look at how the Abbotsford MLS® numbers for August 2017 compare with the numbers for August 2016 and for July 2017.

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 August 2017.

  • 105 Sales
  • 169 New Listings
  • 347 Active listings
  • $785,400 Benchmark Price
  • $750,000 Median Price
  • $786,555 Average Price

The sales-to-active-listings ratio netted out a market absorption rate of 30.26%, indicating that it was a Seller's Market for detached homes in in August 2017 (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 August 2017:

  • There were 105 detached home sales in in August 2017 – a decrease of -11.02% over August 2016 and a decrease of -28.57% over July 2017
  • There were 169 new listings of detached homes in in August 2017 – a decrease of -12.89% over August 2016 and a decrease of -31.30% over July 2017
  • The average price of a detached home in in August 2017 was $786,555 – an increase of 15.69% over August 2016 and an increase of 2.15% over July 2017

If you're really keen to understand what happened in the market for detached home in in August 2017, 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 August 2017 and see how it compares with the previous year and previous month.

Detached Home Stats

Metric Aug 2017 Aug 2016 % Change Jul 2017 % Change
Sales 105 118 -11.02% 147 -28.57%
New Listings 169 194 -12.89% 246 -31.30%
Active Listings 347 331 4.83% 360 -3.61%
Benchmark Price $785,400 $668,600 17.47% $770,700 1.91%
Median Price $750,000 $621,500 20.68% $745,000 0.67%
Average Price $786,555 $679,888 15.69% $769,990 2.15%

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.

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