Homes sales going strong despite rate hikes!
The Fraser Valley Real Estate Market is experiencing a low supply of available homes, which has caused prices to rise.
In June, the Fraser Valley Real Estate Board processed a total of 1,935 home sales, which is a 51.1% increase compared to June last year and a 13.1% increase compared to the previous month. Prices continue to go up because there are more people looking to buy homes than there are homes available. Buyers are still entering the market despite potential financial implications of expected rate hikes.
Last month, new listings decreased by 3.1% compared to May 2023. A the end of June, total active inventory was at 5,944.
In June, the average number of days to sell a single-family detached home was 21, while townhomes took 16 days and apartments took 22 days on average.
MLS® HPI Benchmark Price Activity:
- Single Family Detached: The Benchmark price for an FVREB single-family detached home reached $1,526,200, reflecting a 2.3% increase compared to May 2023 and a 7.4% decrease compared to June 2022.
- Townhomes: The Benchmark price for an FVREB townhome stood at $845,400, indicating a 2.3% increase compared to May 2023 and a 5.2% decrease compared to June 2022.
- Apartments: The Benchmark price for an FVREB apartment/condo reached $552,200, representing a 1.8% increase compared to May 2023 and a 2.5% decrease compared to June 2022.
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Resource: The Fraser Valley Real Estate Board