Infographic: Fraser Valley Residential Real Estate February 2023
After nearly a year of month-over-month decreases, the Fraser Valley real estate market showed signs of stability in February with an increase in prices and sales, creating more opportunities for home buyers and sellers.
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.
Fraser Valley January 2023 FEATURED Residential Market STATISTICS
- The Fraser Valley Real Estate Board recorded a notable increase in sales and new listings in February, indicating a growing level of interest and activity in the real estate market. This trend is a positive sign and suggests that the real estate market in the Fraser Valley is becoming more active. The rise in sales and listings may also result in more competition among buyers, leading to an upward pressure on prices in the future.
- The high sales-to-active listings ratio for townhomes, which indicates a seller’s market for this category, is reflective of strong demand for townhomes in the Fraser Valley. This trend could be driven by factors such as the relatively lower cost of townhomes compared to detached homes, as well as the increasing popularity of townhome living in urban areas. As such, buyers may need to act quickly and be prepared to make competitive offers to secure a townhome in this market. For sellers, this presents an opportunity to potentially command higher prices for their townhomes due to high demand and low supply.
- The composite benchmark price for all property types remains relatively flat compared to January, showing only a slight gain of 0.5%. This is an encouraging sign that the market may be entering a more balanced phase, following a downward trend that began in April 2022.
HPI Benchmark Price of Detached Homes
The benchmark price for detached homes changed trajectory for the first time since April with a slight increase.
Sale Price As a Percent of Original List Price
The declining trend for the percent of original sale price has come to a halt as we see slight increases across the board from the previous month.
Days on Market
The average days on market for all product types had a significant drop compared to last month.
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Fraser Valley ReSIDENTIAL REAL ESTATE: FEBRUARY 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.
Sales • New Listings • Active Listings
There was a shift in the market for detached homes and condos in February, with an increase in sales, shifting from the continuous trend of declining sales.
View the Fraser Valley Real Estate Board’s entire stats package for February 2023 here.
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.