Fraser Valley Real Estate sales record slowest annual start in 10 years!
As we experienced further interest rate hikes, the Fraser Valley real estate sales continued with a downward trend in January.
With 626 transactions processed on the MLS®, sales were off by 12.6% compared to last month and down by 52.2% compared to this time last year. The last time January sales were this low was in 2013 at 617 sales.
Sandra Benz, President of the Fraser Valley Real Estate Board says that we can expect rate hikes to subside, and demand to build eventually resulting a rise in sales uptick. As we expect inventory to start increasing over the coming months, we will see a greater pool across all property types resulting in demand to pick up.
“After a market slowdown for the past several months, the Board is expecting a return to seasonal activity leading into spring,” said FVREB CEO Baldev Gill.
New listings increased by 128.3% compared to December 2022 with a total of 1,833 new listings last month, and an active inventory of 4,118 at the end of the month.
Across Fraser Valley in January, the average number of days to sell a single-family detached home was 48, and a townhome was 40 days. Apartments took, on average, 41 days to sell.
MLS® HPI Benchmark Price Activity
- Single Family Detached: At $1,357,800, the Benchmark price for an FVREB single-family detached home decreased 1.4 per cent compared to December 2022 and decreased 17.6 per cent compared to January 2022.
- Townhomes: At $773,100, the Benchmark price for an FVREB townhome decreased 1.8 per cent compared to December 2022 and decreased 8.8 per cent compared to January 2022.
- Apartments: At $503,700, the Benchmark price for an FVREB apartment/condo decreased 0.2 per cent compared to December 2022 and decreased 5.9 per cent compared to January 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