Fraser Valley Real Estate Market balanced, as demand softens and prices edge lower.
The Fraser Valley real estate market experienced a balance between supply and demand. This balance has been driven by decreased sales and an increase in new property listings.
In September, there were 1,100 home sales, a 13.6% decrease from the previous month but a substantial 22.6% increase compared to this time last year. New property listings increased by 9.1% compared to the previous month and a 25.8% compared to the previous year.
The number of available properties has steadily grown since December, reaching 6,532 active listings in September.
Demand for detached homes has slightly softened, with a sales-to-listings ratio of 14% in September, down from 16% in August. Yet, townhomes and apartments remain highly sought after, boasting a 31% and 25% sales-to-listings ratio, respectively.
Benchmark prices dipped compared to last month with losses of less than 1% across all property types. Compared to last year, prices are up 4.6% for detached homes, while townhomes are up 3.5% and apartments up by 3.4%.
Month’s of Inventory for Detached homes was 7.3 months, indicating a Buyer’s market, 3.2 months of supply for Townhomes, and 4.0 months for Condos indicating a Seller’s market.
On average, it took minimum of 3 weeks for properties to sell, with Townhomes at 23 days, apartments at 24 days and detached homes at 29 days on the market.
MLS® HPI Benchmark Price Activity
- Single Family Detached: At $1,526,000, the Benchmark price for an FVREB single-family
detached home decreased 0.6 per cent compared to August 2023 and increased 4.6 per cent
compared to September 2022. - Townhomes: At $848,600, the Benchmark price for an FVREB townhome increased 0.3 per cent
compared to August 2023 and increased 3.5 per cent compared to September 2022. - Apartments: At $545,900, the Benchmark price for an FVREB apartment/condo decreased 1.4
per cent compared to August 2023 and increased 3.4 per cent compared to September 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
