Fraser Valley real estate market 2022 — highs, lows, and a return to balance
Stats Update as we go into January 2023!
In a year that saw prices peak earlier on, following record breaking sales in 2021, the Fraser Valley Real Estate Market came back down by the end of 2022 restoring a balance.
Last month, FVREB processed 716 sales on MLS which resulted in a 14.7% decrease from last month, and a 60.4% decrease compared to this time last year, making it the lowest December sales recorded in the last 10 years!
With a sales-to-active listings ratio of 18 per cent, the overall market closed out the year in balance. The board received 803 new listings in December, decreasing by 52.8% from November, and with an active inventory of 3,923 at the end of the month. Inventory has increased 100.5% compared to this time last year.
FVREB President, Sandra Benz said “we expect activity to pick up in the coming months as this pent up supply and demand starts to emerge. Under more stable market conditions, there will be strong opportunities for well-priced, well-positioned properties across all categories”.
The composite Benchmark price for homes finished the year under 1 Million at $955,700. For detached homes, prices are down 11.3% compared to last year, while townhomes and apartments are down 1.6% and 0.4% from 2021.
The average number of days spent on the market before selling a single detached home was 42 days and a townhome 39 days. Apartments took, on average, 33 days to sell. A year ago, properties were moving, on average, two to three times more quickly.
MLS® HPI Benchmark Price Activity
- Single Family Detached: At $1,377,200, the Benchmark price for an FVREB single-family detached home decreased 2.0 per cent compared to November 2022 and decreased 11.3 per cent compared to December 2021.
- Townhomes: At $787,300, the Benchmark price for an FVREB townhome decreased 1.5 per cent compared to November 2022 and decreased 1.6 per cent compared to December 2021.
- Apartments: At $504,800, the Benchmark price for an FVREB apartment/condo decreased 2.6 per cent compared to November 2022 and decreased 0.4 per cent compared to December 2021.
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