Stats Update as we go into November
Fraser Valley housing market sales for October remained relatively unchanged from last month as prices have gone down slightly across all property types.
Last month, FVREB processed 901 sales on MLS which resulted in an 0.4% increase from last month, yet 53.5% decrease compared to last year.
With a sales-to-active listings ratio 16%, the overall market has been at a balance for the 5th straight month. The board received 2,186 new listings in October, decreasing by 3.6% from September, and with an active inventory of 5,642 at the end of the month. Inventory has increased 63.7% compared to this time last year.
FVREB President, Sandra Benz said ” these trends suggest that the market is looking to re-establish equilibrium in the wake of last year’s intense activity and in the face of continued interest rate pressures”.
Month-over-month Benchmark prices down slightly across all property categories. For detached homes, prices are on par with October 2021 levels, while townhomes and apartments are up 7.7% and 11.5% respectively, over 2021.
The average number of days spent on the market before selling was relatively unchanged for detached homes and apartments compared to last month (34 days and 31 days, respectively). Townhomes moved more quickly at 27 days (compared to 32 days in September).
| MLS® HPI Benchmark Price Activity Single Family Detached: At $1,436,400, the Benchmark price for an FVREB single-family detached home decreased 1.8 per cent compared to September 2022 and decreased 0.8 per cent compared to October 2021. Townhomes: At $809,800, the Benchmark price for an FVREB townhome decreased 1.5 per cent compared to September 2022 and increased 7.7 per cent compared to October 2021. Apartments: At $527,900 the Benchmark price for an FVREB apartment/condo decreased 0.5 per cent compared to September 2022 and increased 11.5 per cent compared to October 2021. |
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Resource: The Fraser Valley Real Estate Board