July Market Update

June stats are in and it's the first time since last September that historical records weren't broken. As you will see in the numbers below, benchmark prices have stayed the same or only gone up slightly since May.

It was a busy month for SIMS BLUE clients moving house. Some were first-time homebuyers, others were leaving the lower mainland to make memories in a new town. Congratulations to each of you! 

The July edition of our newsletter includes: 
  • June Market Stats for the Fraser Valley and South Surrey/White Rock 
  • Sold Listings 
  • Featured Listings

Thank you for reading. We hope you are having an amazing start to the summer! 

Derrick, Ryan, and Leah 

Mirroring the weather, Fraser Valley’s hot housing market cooled slightly in June going from a boil to a simmer

SURREY, BC – Sales on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) remained robust in June however, for the first time since last September, monthly sales did not break a historical record.In June, the Board processed 2,247 sales on its MLS®, a decrease of 24 per cent compared to May and a 31 per cent increase compared to June of last year.  Sales continued to remain elevated compared to a typical June – 22 per cent above the ten-year average.Larry Anderson, President of the Board, said, “In June, we shifted from an extreme seller’s market to a strong seller’s market. Although demand for Fraser Valley homes remains very high – over 40 per cent of active listings sold in June – we’re seeing the market settle down giving buyers and sellers more room to maneuver.“We’re now seeing more subject offers and for the first time in months, we’re starting to see price reductions.”In June, the Board received 3,108 new listings, a decrease of 10 per cent compared to last year, and a decrease of 21 per cent compared to May 2021. The month ended with total active inventory sitting at 5,474, a 7 per cent decrease compared to May, and 22.5 per cent fewer than June 2020.Anderson continued, “A lack of supply continues to be the single largest factor affecting the market. Simply put, to meet current demand and get back to balance, we need about 3,500 more active listings in our region.”