Infographic: Fraser Valley Residential Real Estate December 2022
The Fraser Valley Real Estate Board recorded a decrease in sales and new listings in December 2022, compared to last month and December 2021. The decrease in new listings has affected the market by reducing the supply of available properties and thus slowing down sales further.
KEY TAKEAWAYS FROM DECEMBER 2022 FRASER VALLEY RESIDENTIAL MARKET
- Interest rates continued to disincentivize the borrowing of funds, leaving buyers and sellers in an ongoing staring contest.
- Following last month, condos were still the strongest performing product type.
- The average number of days homes stayed on the market increased for all property types and there was a significant drop in sales and active listing.
- Seasonal trends compounded current market conditions resulting in the lowest December sales recorded in the last 10 years.
HPI Benchmark Price of Detached Homes
The benchmark price for detached homes continued its downward trend falling 2%, similar to last month.
Sale Price As a Percent of Original List Price
The sale price as a percentage of original list price remained below 100% for all product types in December. Month-over-month changes followed a similar trend as last month with detached homes and townhomes experiencing a minimal decline and condos staying relatively unchanged. This indicates that seller and buyer expectations remain somewhat misaligned.
Days on Market
In December, the average number of days that homes stayed on the market increased for all property types. Month-over-month, detached homes saw an increase of 23.5%, townhouses saw an increase of 34.5%, and condos saw an increase of 22.2%. This suggests that it took longer for homes to sell during this period compared to the previous month.
The Fraser Valley Real Estate Board December 2022 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.
Benchmark prices continued to decrease month-over-month across all property types, with no indication of stabilization. Prices for condos saw the biggest change at 2.6%. Despite this, townhomes and condos in some markets still ended the year above 2021’s benchmark prices.
Sales • New Listings • Active Listings
New listings in the Fraser Valley saw a significant drop, with an average 50% percent decline from the previous month for all product types. This is one of the largest drops in years. This contributed to a significant month-over-month drop in active listings for all product types, between 20 and 28%. Sales were also impacted, Townhouses saw a 19% decrease in sales, condos saw a 20% decrease in sales, and detached homes saw a 7% decrease in sales – making it the lowest December sales recorded in the last 10 years.
We continued to see a holding pattern from both buyers and sellers in December and expect this to continue into the beginning of 2023.
Further Reading
View the Fraser Valley Real Estate Board’s entire stats package for December 2022 here.
Source
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. E.&O.E: This document/communication has been prepared by Frontline Real Estate Services Ltd. (“Frontline”) for advertising and general information only. Frontline makes no representations or warranties, express or implied, regarding the information including, as to its accuracy or reliability.
