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.
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Resource: The Fraser Valley Real Estate Board