Published: Friday, July 3, 2009
Board realtors recorded 4,259 sales through the Multiple Listing Service in June, a 76-per-cent increase from the same month a year ago.
The inventory of unsold homes in the board's area declined 27 per cent to 13,252, compared with the same month a year ago.
“Many people who were reluctant to purchase a home last fall and earlier this year are returning to the market because they see conditions that appeal to their personal and financial needs,” board president Scott Russell said in a news release. “However, the current marketplace is such that buyers are more inclined to walk if they don’t like the terms of an offer.”
The benchmark price for a typical detached home was $701,384 in June, still down 8.4 per cent from the same month a year ago.
The benchmark price is a calculation based on the features of homes most typically sold in that category.
Buyers taking advantage of lower prices helps to partly explain the surge. The benchmark price of a typical detached home was $471,788, which is still down eight per cent from June 2008.
That price, however, is up 1.3 per cent from May when the benchmark was $465,939.
“We’re essentially seeing two markets right now," Paul Penner, president of the Fraser Valley Real Estate Board said in a news release.
"Sellers have the advantage when it comes to more affordable homes, but buyers hold more sway with higher-end properties.”