The Fraser Valley Real Estate Board recently published the MLS® statistics for the real estate market, among others, for August 2016.
In this post, we’re going to take a close look at key numbers for the townhouse market for August 2016 – including sales, new listings, active listings, as well as benchmark, median and average prices for townhouses for sale in .
[cleveryoutube video=”” style=”1″]We're also going to see what kind of shape the townhouse market in was in for the month – whether it was a buyer's market, a balanced market, or a seller's market.
The numbers here aren’t alarming; they’re expected, and what we’re used to seeing around this time. Homebuyers should be encouraged that sales have slowed, giving inventory a chance to build back up and competition within the market to cool down.
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 August 2016 compare with the numbers for August 2015 and for July 2016.
Highlights of FVREB MLS® Data on Townhouse Listings and Sales
Here's a high-level snapshot of listing and sales activity for townhouses in August 2016.
- 57 Sales
- 74 New Listings
- 84 Active listings
- $293,100 Benchmark Price
- $379,000 Median Price
- $370,553 Average Price
The sales-to-active-listings ratio netted out a market absorption rate of 67.86%, indicating that it was a Seller's Market for townhouses in in August 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 townhouses, you need to speak with a real estate agent.
Townhouse Market Changes
Following are some of the highlights for townhouses for sale in in August 2016:
- There were 57 townhouse sales in in August 2016 – an increase of 14.00% over August 2015 and an increase of 9.62% over July 2016
- There were 74 new listings of townhouses in in August 2016 – an increase of 19.35% over August 2015 and an increase of 39.62% over July 2016
- The average price of a townhouse in in August 2016 was $370,553 – an increase of 24.69% over August 2015 and a decrease of -6.33% over July 2016
If you're really keen to understand what happened in the market for townhouse in in August 2016, make sure you check out the next section.
Detailed Overview of the Market for Townhouses in
Check out the table below for more detailed information on what happened in the townhouse market in August 2016 and see how it compares with the previous year and previous month.
Townhouse Stats
| Metric | Aug 2016 | Aug 2015 | % Change | Jul 2016 | % Change |
|---|---|---|---|---|---|
| Sales | 57 | 50 | 14.00% | 52 | 9.62% |
| New Listings | 74 | 62 | 19.35% | 53 | 39.62% |
| Active Listings | 84 | 172 | -51.16% | 73 | 15.07% |
| Benchmark Price | $293,100 | $222,700 | 31.61% | $286,400 | 2.34% |
| Median Price | $379,000 | $297,450 | 27.42% | $409,950 | -7.55% |
| Average Price | $370,553 | $297,184 | 24.69% | $395,578 | -6.33% |
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 townhouses who will be able to provide you with the most accurate, up to the minute information on – and insights into – the real estate market.