In May, the real estate market in the Fraser Valley experienced a significant increase in the number of new property listings. The supply of new listings rose by over 40% compared to April!
Although the number of new listings was slightly lower than May 2022, it was higher than the average for the past ten years. This increase in listings is good news for the region as it helps address the housing supply issues that have been present.
Typically, there is a higher influx of new listings earlier in the spring sales cycle. However, due to multiple interest rate hikes in the latter half of 2022, many sellers and buyers were hesitant, resulting in a holding pattern throughout the year. The current increase in listings can be seen as a recovery and adjustment to the new financial landscape.
Active listings also grew by 20% compared to April. This was the largest month-over-month increase in over a year.
Despite the increase in supply, there was still healthy demand in the market. In May, there were 1,711 sales processed, representing a 10.1% increase compared to the previous month and a 25.8% jump compared to May of the previous year.
As a result of growing buyer confidence, property prices continued to rise across all categories. The composite Benchmark price, which represents the typical price of properties in the region, reached $1.01 million. This is the first time it has surpassed the one-million mark since September 2022!
Properties in the Fraser Valley are also selling more quickly. On average, detached homes took 23 days to sell, apartments took 23 days, and townhomes sold within 18 days after being listed.
Overall, Month’s of Inventory in the Fraser Valley indicates that we are in a seller’s market for all of Detached, Townhome, and Condo market.
MLS® HPI Benchmark Price Activity
- Single Family Detached: The Benchmark price for a single-family detached home increased by 2.5% compared to April 2023, but decreased by 12.7% compared to May 2022.
- Townhomes: The Benchmark price for a townhome increased by 1.4% compared to April 2023, but decreased by 9.8% compared to May 2022.
- Apartments: The Benchmark price for an apartment/condo increased by 2% compared to April 2023, but decreased by 6.3% compared to May 2022.