Infographic: Fraser Valley Residential Real Estate July 2023

The real estate market is expected to continue its slowdown until the fall cycle, as buyers and sellers take time to reevaluate their objectives in light of the rising interest rates and overall economic conditions. The decrease in sales for the month of July can be attributed to two main factors: rising interest rates and the usual summer sales cycle, which tends to be slower for the real estate 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.

Fraser Valley JULY 2023 FEATURED Residential Market STATISTICS

• Real estate sales in the Fraser Valley, including Surrey, BC, declined by 29.3% in July due to rising interest rates and the typical summer slowdown. However, sales were still 37.8% higher compared to July 2022.
• New listings in July decreased by 16.6% from the previous month but were 19.7% higher than July 2022 levels, aligning with the ten-year average.
• The market for detached homes softened with a sales-to-active listings ratio of 17%, indicating a balanced market. Conversely, demand for townhomes and apartments remained strong, with sales-to-active listings ratios of 45% and 36%, respectively.

HPI Benchmark Price of Detached Homes

The HPI for detached homes showed a slight increase from the previous month but a notable decrease when compared to the same month in the previous year.

Sale Price As a Percent of Original List Price

The housing market in Fraser Valley experienced a decrease in the average percentage of the original sale price across all product types.  The changes in the percentage of the original sale price for the properties indicate a mix of opportunities and challenges for both buyers and sellers. Buyers may have found slightly more favorable conditions to negotiate prices in some cases, while sellers may have experienced some moderation in price growth, but overall, the market appears to be relatively balanced.

Days on Market

The shifts in the average days on the market for different property types reflect distinct conditions for buyers and sellers. Detached homes witnessed a modest increase in the number of days on the market, resulting in a balanced market. Townhouses demonstrated stability with strong demand. Conversely, condos experienced a significant reduction in days on market, indicating a competitive and rapid market for sellers, possibly prompting buyers to act quickly to secure properties.

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Fraser Valley ReSIDENTIAL REAL ESTATE: july 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 detached homes and townhouses experienced modest increases from the previous month but decreased compared to the same month last year. However, the HPI price for apartments/condos showed consistent growth compared to both the previous month and the same month last year. These variations in HPI prices indicate different market dynamics for each property type in the Fraser Valley.

Sales • New Listings • Active Listings

The year-over-year changes in real estate sales and active listings in the Fraser Valley reveal a resilient and competitive market in July 2023 compared to the same month in 2022. The significant increase in sales demonstrates strong buyer demand, while the rise in active listings indicates a healthy supply of properties for sale.

Further Reading

View the Fraser Valley Real Estate Board’s entire stats package for July 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.