Within the past 2 months, the Fraser Valley Real Estate Market has experienced growth in sales!
FVREB processed 1550 sales on MLS. A 72.6% increase compared to last month..
“After months of uncertainty made it difficult for buyers and sellers to re-enter the housing market, we may well be seeing a turning point,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “The pause in rate hikes has helped to restore a much-needed sense of predictability, which is building consumer confidence. As a result, we’re starting to see more traffic at open houses along with more multiple offer situations.”
However, low supply is still an issue and a primary factor driving price growth.
Benchmark prices continued to edge upward with roughly 2% month-over-month growth across all categories. The composite Benchmark price was $965,100 in March.
New listings, at 2,559, were 32% higher than in February, but still 44.1% below last year, while active listings were up by 2.8% over last month and 3.5% below last year.
Properties spent slightly fewer days on the market compared to last month with detached homes posting 30 days on the market and apartments 29. Townhomes moved faster, at 26 days.
MLS® HPI Benchmark Price Activity
- Single Family Detached: At $1,390,600 the Benchmark price for an FVREB single-family detached home increased 1.9 per cent compared to February 2023 and decreased 21.7 per cent compared to March 2022.
- Townhomes: At $794,400, the Benchmark price for an FVREB townhome increased 2.3 per cent compared to February 2023 and decreased 14.5 per cent compared to March 2022.
- Apartments: At $521,800 the Benchmark price for an FVREB apartment/condo increased 2.3 per cent compared to February 2023 and decreased 11 per cent compared to March 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