Stats Update as we go into December 
Fraser Valley housing market sales for November continued to slow down, as prices have gone down slightly across all property types.
Last month, FVREB processed 839 sales on MLS which resulted in a 6.9% decrease from last month, and a 57.5% decrease compared to this time last year.
With a sales-to-active listings ratio of 15%, the overall market has been at a balance. The board received 1,703 new listings in November, decreasing by 22.1 % from October, and with an active inventory of 5,330 at the end of the month. Inventory has increased 74.9% compared to this time last year.
FVREB President, Sandra Benz said “while rate hikes have effectively put many buyers and sellers in a holding pattern, we’re still seeing relatively quick turnover for all housing categories, indicating robust opportunities for properties that are strategically priced”.
Month-over-month Benchmark prices down slightly across all property categories. For detached homes, prices have come down by 6.3% compared to last year , while townhomes and apartments are up 3.3% and 5.2% respectively, over 2021.
The average number of days spent on the market before selling was 34 days for detached homes and a townhome was 28 days. Apartments took, on average, 27 days to sell.
MLS® HPI Benchmark Price Activity
- Single Family Detached: At $1,404,900, the Benchmark price for an FVREB single-family detached home decreased 2.2 per cent compared to October 2022 and decreased 6.3 per cent compared to November 2021.
- Townhomes: At $799,400, the Benchmark price for an FVREB townhome decreased 1.3 per cent compared to October 2022 and increased 3.3 per cent compared to November 2021.
- Apartments: At $518,400, the Benchmark price for an FVREB apartment/condo decreased 1.8 per cent compared to October 2022 and increased 5.2 per cent compared to November 2021.
If you have any further questions or would like more information about this topic, feel free to reach out to us!
Resource: The Fraser Valley Real Estate Board