July Sales Climb in the Fraser Valley

Sales on the Fraser Valley Real Estate Board's Multiple Listing Service® (MLS ®) in July 2007 were the second highest on record for that month.

A total of 1,984 sales were processed through the MLS ® in July, an increase of 21% compared to 1,635 sales the same month in 2006, and only a 3% decrease compared to the strongest July on record, 2,051 sales in 2005.

Jim McCaughan, President of the Fraser Valley Real Estate Board, attributes July's near record sales to a number of factors. "BC's economy continues to hum along, Fraser Valley REALTORS® are receiving a strong influx of new listings and some of our clients are feeling a little uncertainty about where interest rates are going. It all adds up to a desire to invest in real estate now."

"Average annual price increases remain solid, however we are seeing price increases start to moderate on a month to month basis," says McCaughan.

In Mission, B.C, the average price of a single detached home went from $332,071 in July 2006 to $387,293 in July 2007, a change of $16.6%. For townhouses the change was 14.1%, with the average price going from $252,600 to $288,333. The largest gains were made on Mission apartments. The average price of the apartments sold in July 2006 was $185,750, compared to an average of $232,466 in July 2007, a whopping change of 25.1%!

If you are in need of a Free Market Evaluation to find out the value of your Mission, B.C. or Abbotsford, B.C. home, please give Cyndi a call at 604-820-7733.