Infographic: Fraser Valley Residential Real Estate August 2023
The Fraser Valley real estate market experienced a slowdown in August, with sales declining for the second consecutive month following peak sales in June. This deceleration was attributed to a mix of seasonal patterns and a cautious approach in anticipation of the upcoming rate announcement.
These residential market statistics from the Fraser Valley Real Estate Board provide insight into the current state of the residential home market, including home values, which directly impact the development land market. Contact us today if you would like to learn what your property is worth on the development land market.
KEY TAKEAWAYS FROM august 2023 FRASER VALLEY RESIDENTIAL MARKET
- The number of sales across all property types decreased by 6.2% compared to July, however, sales remained higher than the same month of the previous year.
- New listings across all property types also saw a reduction while the number of active listings grew.
- The average number of days on market also experienced an increase, as seen by the reduction in the number of sales and the number of active listings.
- The market for detached homes softened further with a sales-to-active ratio of 16%, which indicates a balance between supply and demand. The market for townhomes and condos remains stronger, with sales-to-actives at 38% and 32%, respectively.
HPI Benchmark Price of Detached Homes
Fraser Valley benchmark prices for detached homes experienced negligible changes compared to the previous month. Despite this, the August benchmark prices are higher than those of the same month of the previous year.
Sale Price As a Percent of Original List Price
The housing market in Fraser Valley experienced a slight decrease in the average percentage of the original sale price across all property types, with detached homes seeing the greatest reduction at 1.1%. Buyers may be seeing an opportunities to negotiate purchase prices, while sellers experience a reduction in the expected offer value.
Days on Market
The average number of days on market for all properties in the Fraser Valley experienced an increase, with an average growth of 12.2%. This growth reflects a slow-down in the market compared to the previous month, which may be due to the seasonal cycle of real estate, which tends to lag in the later summer months.
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Fraser Valley ReSIDENTIAL REAL ESTATE: AUGUST 2023 statistics in infographics
HPI Benchmark Prices
The Home Price Index (HPI) measures the price of a benchmark, or typical, property in a given market and is not influenced by the change in composition of properties sold, which can fluctuate quite significantly from month to month. As a result, this metric is a more pure and stable representation of market price change than average or median prices.
The HPI prices for all property types in Fraser Valley decreased slightly from the previous month, but still showed a slight increase from the same month in the previous year. This reduction in the benchmark price is reflected in the average percentage of the original price, and indicate a shift in the dynamics for each property type in the Fraser Valley.
Sales • New Listings • Active Listings
New listings in the Fraser Valley decreased in August, but continue to reflect year-over-year growth when compared to the same month in 2022. The reduction in the number of sales and increase in days on market indicates a trend towards a balanced market.
Further Reading
View the Fraser Valley Real Estate Board’s entire stats package for August 2023 here.
Sources
Sources: Breakside Real Estate Group, Fraser Valley Real Estate Board
This representation is based in whole or in part on data generated by the Fraser Valley Real Estate Board which assumes no responsibility for its accuracy.
