The headline of the latest market report by the Fraser Valley Real Estate Board (FVREB) says it all.
The banner notes that the region’s “hot housing market cooled slightly in June”.
It went “from a boil to a simmer”.
With respect to home prices, sellers in Surrey and the rest of the markets served by the FVREB saw a slim increase.
In June, the price of a typical single-detached home stood at $1,324,400, a 0.1 percent increase compared to May 2021.
For townhomes, the benchmark price rose to $678,400, a 1.3 percent improvement from May.
And for condos, the benchmark price increased to $493,500 in June, or one percent above from the previous month.
A total of 2,247 homes sold in June 2021, a decrease of 24 percent compared to May, and a 31 percent increase compared to June last year.
In a media release Monday (June 5), the FVREB reported that sales “continued to remain elevated compared to a typical June – 22 per cent above the ten-year average”.
Board president Larry Anderson said in the release that the June 2021 market “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,” Anderson said.
The FVREB covers Abbotsford, Langley, Mission, North Delta, Surrey, and White Rock.
“We’re now seeing more subject offers and for the first time in months, we’re starting to see price reductions,” Anderson added.