Stats Update as we’re into December 2023:
As we head into the holiday season as buyers and sellers maintain the holding pattern seen over the latter half of this year. FVREB processed 891 sales on MLS. A 8.1% decrease compared to last month and a 6.2% increase compared to November of last year.
The Board received 2,030 new listings in November, decreasing by 20% from last month. Active listings in November were 6,254, down by 5% over last month and up by 17% from November 2022. The sales-to-active listings ratio was 14%, creating balanced conditions in the overall market.
For detached homes, benchmark prices are up by 6.2% compared to last year, while townhomes and apartments are up by 5.1% and 5.6%.
Overall Benchmark prices continued to slide for the fourth month in a row, losing 1.1 % compared to October.
The months of inventory for detached homes indicates we are in a buyer’s market, and townhomes and condos indicate a seller’s market heading towards a balanced.
The average number of days spent on the market before selling a single detached home was 36 days, townhomes and apartments moving more quickly at 29 days.
MLS® HPI Benchmark Price Activity
- Single Family Detached: At $1,489,100, the Benchmark price for an FVREB single-family detached home decreased 0.94% compared to October 2023 and increased 6.22% compared to November 2022.
- Townhomes: At $837,200, the Benchmark price for an FVREB townhome decreased 0.95% compared to October 2023 and increased 5.08% compared to November 2022.
- Apartments: At $545,300, the Benchmark price for an FVREB apartment/condo decreased 0.02% compared to October 2023 and increased 5.60% compared to November 2022.
If you have any further questions or would like more information about these Stats, feel free to reach out to us!
Resource: The Fraser Valley Real Estate Board