Infographic: Fraser Valley Residential Real Estate June 2023
In June, the real estate market in the Fraser Valley experienced robust sales activity, parallel to the typical levels observed over the past decade for that month, despite ongoing supply challenges.
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 JUNE 2023 FEATURED Residential Market STATISTICS
- The Fraser Valley Real Estate Board witnessed a significant upswing in sales during June, processing 1,935 transactions. This remarkable increase of 51.1% from the previous year and 13.1% from May 2023 showcases the market’s strong recovery and growing demand.
- Property prices in the Fraser Valley maintained an upward trajectory during June, driven by factors like limited supply and robust demand. Single-family detached homes saw a 2.3% price increase compared to May 2023, while townhomes and apartments also experienced moderate price growth.
- While the Fraser Valley market exhibited strong growth, new property listings showed only a modest increase of 2.8% compared to the previous year. Moreover, the number of new listings declined slightly by 3.1% from May 2023. The total active inventory in June reached 5,944 homes, indicating a 6.9% rise from May but remaining 8.2% lower than June of the previous year.
HPI Benchmark Price of Detached Homes
The benchmark price for detached homes in the FVREB stood at $1,526,200, showing a 2.3% uptick compared to May 2023. However, it also indicated a decline of 7.4% when compared to June 2022.
Sale Price As a Percent of Original List Price
The housing market in Fraser Valley experienced a rise in the average percentage of the original sale price across townhouses and condos, suggesting a potentially advantageous situation for sellers and heightened competition among buyers. While there was a slight decrease in the average sales price for detached homes this may be attributed to the increased benchmark price.
Days on Market
The average number of days that homes stayed on the market was 22 for condos, 21 for detached homes and 16 for townhomes.
Featured Homes
Looking for a new home? Check out these featured new homes courtesy of our affiliate company, Breakside Real Estate Group.
Fraser Valley ReSIDENTIAL REAL ESTATE: june 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.
Benchmark prices in the Fraser Valley continue on a steady incline across all property types.
Sales • New Listings • Active Listings
A noticeable pattern has emerged with regard to rising sales on a month-to-month basis across all property types. Among them, detached homes witnessed the most substantial surge, registering a notable increase of 76.6%. Townhouses and condos, on the other hand, experienced respective gains of 31% and 39%.
Further Reading
View the Fraser Valley Real Estate Board’s entire stats package for June 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.
