Stats update as we’re into January 2024
In 2023, the Fraser Valley experienced its lowest annual sales in a decade, with 14,713 transactions, down 4% from 2022 and 23% below the 10-year average. Contributing factors were high-interest rates, limiting both sales and listings.
For December 2023, 837 sales were recorded, a 6% drop from November but 17% higher than December 2022. New listings decreased by 54% to 942, but this was still a 17% increase compared to December 2022. The total active listings for December were 4,670, a 25% decrease from the previous month but 19% higher year-over-year.
Despite challenges, the region’s composite Benchmark home price closed at $988,900, marking a 5% increase for the year. However, this was a 6% decline from its peak in July 2023. Mid-year interest rate hikes slowed the market, resulting in overall balance for the latter part of the year.
The market closed out the year in balance. With month’s of inventory at 6.1 Months for detached homes determining a balanced market, 3.4 months for townhomes and 3.8 months for condos determining a seller’s market for both respectively.
On average, properties spent approximately 41 days on the market. Single-family detached homes spent 40 days, while townhomes and apartments moved more quickly at 32 and 33 days, respectively.
MLS® HPI Benchmark Price Activity
- Single Family Detached: At $1,471,500, the Benchmark price for an FVREB single-family detached home decreased 1.2% compared to November 2023 and increased 7.1% compared to December 2022.
- Townhomes: At $826,400, the Benchmark price for an FVREB townhome decreased 1.3% compared to November 2023 and increased 5.3% compared to December 2022.
- Apartments: At $537,600, the Benchmark price for an FVREB apartment/condo decreased 1.4% compared to November 2023 and increased 6.9% compared to December 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