The Fraser Valley real estate market demonstrated signs of recovery in January, showing positive momentum after six consecutive months of decline. With the increase in home sales and new listings doubling, these trends suggest a shift towards a more active and balanced market.
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.
HPI Benchmark Price of Detached Homes
The Benchmark price for a single-family detached home in the Fraser Valley was $1,466,100 in January 2024, representing a 0.4% decrease compared to December 2023 and an 8.6% increase compared to January 2023. Despite the slight decrease from the previous month, detached home prices have shown significant year-over-year growth.
Sale Price As a Percent of Original List Price
The average sale price as a percentage of the original list price remained steady, with minor fluctuations across property types. Detached homes experienced the largest increase at 2%, followed by townhomes at 0.8%, and condos at 0.5%.
Days on Market
The average number of days homes spent on the market increased since October, with single-family detached homes spending 44 days, apartments spending 40 days, and townhomes selling more quickly at 33 days.
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Fraser Valley ReSIDENTIAL REAL ESTATE: january 2024 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 Home Price Index (HPI) Benchmark Prices in the Fraser Valley indicate a market with overall upward price trends. In January 2024, the Benchmark price for single-family detached homes was $1,466,100, showing a slight decrease of 0.4% from December 2023 but a notable increase of 8.0% compared to January 2023. Townhomes had a Benchmark price of $825,600, with a marginal decrease of 0.1% from December 2023 but a significant growth of 6.8% compared to January 2023. The Benchmark price for apartments/condos was $539,700, demonstrating a slight increase of 0.4% from December 2023 and a significant growth of 7.1% compared to January 2023. These figures indicate overall resilience and positive long-term growth in the Fraser Valley real estate market.
Sales • New Listings • Active Listings
The Fraser Valley Real Estate Board recorded 938 transactions in January, reflecting a 12% increase over December and a positive trend in sales activity. New listings more than doubled, reaching 2,368, indicating a significant increase in seller activity. Active listings in January were 4,877, up by 4% over last month and 18% over January 2023, suggesting a growing inventory of available homes.
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.