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The latest real estate market numbers are out, and there's been a dramatic shift! Join me as I dive into the key stats from the Fraser Valley Real Estate Board and what they mean for you.
Here's a quick overview:
📉 Market Overview:
- Sales Drop: July marked the second slowest sales in a decade with 1,230 sales, down 7% from June and 26% below the 10-year seasonal average. High Inventory: Inventory levels hit a 10-year high at 8,731 active listings, up 41% from last July.
- Balanced Market: The sales-to-active listings ratio is at 14%, indicating balanced market conditions.
🤔 What This Means for You:
- Buyer Advantage: More time to view properties and make decisions, with well-priced properties still selling quickly.
- Seller Strategy: Consider pricing competitively to attract motivated buyers. Market Challenges: First-time homebuyers face high interest rates, the mortgage stress test, and substantial down payments.
🏡 Key Numbers:
- Days to Sell: Single-family homes: 31 days, Condos: 28 days, Townhomes: 25 days.
- Benchmark Prices: Single-family homes: $1,529,600, Townhomes: $848,800, Apartments: $551,000.
- Composite Benchmark Price: Dropped below $1 million for the first time since January 2024, now at $999,100.
Despite the Bank of Canada's rate cuts, first-time homebuyers face challenges with high interest rates, the mortgage stress test, and substantial down payments.
If you're looking to navigate these conditions, I'm here to help. With over 30 years of experience, I can guide you through the current market.
Want more details? Visit my website: https://bit.ly/3yE2AWG
What do you think about the market's direction? Share your thoughts in the comments below!
📅 https://calendly.com/andyschildhorn
📞 778.835.8957
📧 [email protected]
🌐 www.AndytheRealtor.com
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🏡 Thanks for watching, and see you next week! 👋
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