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.
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.
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.
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.