Signs of stability in Fraser Valley create opportunities for home buyers and sellers!
House prices in the Fraser Valley region increased slightly in February, after almost a year of prices decreasing every month. The number of sales also increased in February, but they are still lower than usual. This is the first increase in sales since October!
In February, the Fraser Valley Real Estate Board had 898 sales on its MLS®, which is a 43.5% increase from January.
As mentioned by the President of FVREB, Sandra Benz – the uncertainty about rates and prices in recent months has made some clients hesitant to buy homes. However, now as we can expect a pause on rate hikes, which is good news for families who are looking to buy homes. This positive news should encourage more families to start looking for homes, and we may see sales to pick up gradually in the coming months moving into spring.
The months of inventory for detached homes within the Fraser Valley region suggest once again the market is in balance, whereas for townhomes and condos indicating a seller’s market.
According to current indications, the market seems to be moving towards achieving stability, which is a positive sign for both the supply and demand sides of the economy.
Properties spent between 7 and 12 fewer days on the market compared to last month, another sign that the market may be picking up. Across Fraser Valley in February, the average number of days to sell a single-family detached home was 36 and a townhome was 33 days. Apartments took, on average, 32 days to sell.
MLS® HPI Benchmark Price Activity
- Single Family Detached: At $1,364,300, the Benchmark price for an FVREB single-family detached home increased 0.5 per cent compared to January 2023 and decreased 21.5 per cent compared to February 2022.
- Townhomes: At $776,200, the Benchmark price for an FVREB townhome increased 0.4 per cent compared to January 2023 and decreased 13.8 per cent compared to February 2022.
- Apartments: At $510,100, the Benchmark price for an FVREB apartment/condo increased 1.3 per cent compared to January 2023 and decreased 10.5 per cent compared to February 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