RE/MAX Oceanview Weekly Report Aug 30 - Sept 5, 2022

The real estate statistics for August are in. There were 29 detached housing sales, down 15% from July and 57% from last August. The YTD total is also down 33% from last year. The Benchmark Price that is, the price of an average home, in an average area dipped 4% to $957,200, the third decrease in 3 months. These statistics confirm downward pressure on prices. With condos and apartments, there were 7 sales, similar to July. However, the Benchmark Price for both categories dropped significantly 7.7% for apartments and 3.1% for townhomes. These declines in prices are the first to affect the attached market in many months. As for vacant land, there was only 1 sale in August. At the same time, the 89 sales YTD is down 42% from 168 last year. The Benchmark Price for land is not available but we do not anticipate land prices remaining unaffected by this lack of sales activity. Meanwhile, the Sales to List Ratio is now in the low teens. Is a buyers’ market pending?

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.