Infographic: Fraser Valley Residential Real Estate March 2023
The Fraser Valley’s housing market saw a second consecutive month of growth in sales in March 2023, indicating an encouraging sign of increased market stability. Although still below seasonal norms, the rise in demand for all property types, particularly townhomes, may suggest a shift towards a seller’s 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 MARCH 2023 FEATURED Residential Market STATISTICS
- Low supply continues to be an issue driving price growth in the Fraser Valley’s housing market, with new listings still significantly lower than last year and among the lowest in a decade. A shortage of homes for sale may lead to increased competition among buyers, potentially driving up prices further.
- Despite facing an uphill battle on the supply side, market demand continues to trend upwards in the Fraser Valley’s housing market, leading to multiple offer situations and increased traffic at open houses. Increased market demand may provide homeowners with an opportunity to capitalize on favorable market conditions.
- The composite benchmark price across all property types continued to rise, with roughly 2% month-over-month growth. The upward trend in Benchmark prices may be indicative of increased market stability, providing a favorable environment for sellers to potentially increase the value of their homes.
HPI Benchmark Price of Detached Homes
The benchmark price for detached homes continues to increase slightly for March.
Sale Price As a Percent of Original List Price
Fraser Valley’s housing market saw an increase in the average percent of the original sale price for all property types, indicating a potentially favorable market for sellers and increased competition among buyers.
Days on Market
Days on market saw a decrease for all product types, suggesting an increase in demand for townhouses, potentially making them more attractive options for buyers. Additionally, a decrease in the average days on market may also indicate a potentially favorable market for sellers.
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: MARCH 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 has been an observed trend of increasing sales on a month-over-month basis for all property types in the housing market. Detached homes saw the most significant increase at 88%, while townhouses and condos experienced gains of 62% and 71%, respectively.
Further Reading
View the Fraser Valley Real Estate Board’s entire stats package for March 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.
