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.
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.
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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%.
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.