The Fraser Valley real estate market continues to experience a slowdown, with sales declining for the fifth consecutive month. This deceleration may be attributed to seasonal slow-down as the holidays approach, along with hesitation in making buying or selling decisions in the face of elevated interest rates.
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
Fraser Valley benchmark prices for detached homes saw further decreases compared to the previous month. Despite this, the November benchmark prices are higher than those of the same month of the previous year.
Sale Price As a Percent of Original List Price
The housing market in Fraser Valley is continuing to see the gradual decline in the average percentage of the original sale price across all property types, which has been trending downwards since June of this year. All properties saw an average decrease of 0.5% compared to the previous month. Despite this downward trend, the average percentage of the original sale price remains higher than the same time period of the previous year.
Days on Market
Compared to October, all property types saw significantly more time on the market, with detached homes spending an average of 36 days on the market. Townhouses and condos also saw a drastic increase in the time spent on the market, each taking an average of 29 days to sell. This increase may be impacted by the shift to the holiday season and the ongoing cool-down from the holding pattern seen over the recent months.
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Fraser Valley ReSIDENTIAL REAL ESTATE: november 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 all property types across the Fraser Valley experienced a reduction of 1.1% in November when compared to the benchmark prices of October. Despite this reduction, the benchmark prices for each property type remains higher than those of the same period in 2022. This reduction in the benchmark price is reflected in the average percentage of the original price, and indicate a shift in the dynamics for each property type in the Fraser Valley.
Sales • New Listings • Active Listings
New listings in the Fraser Valley decreased for all property types dropped from October, with an average decrease of 20%. The inventory of detached homes experienced the most significant reduction at a 28.4% change. The year-over-year comparison continues to indicate growth in the availability of products, as new listings averaged an increase of nearly 18% compared to the same month in 2022. The reduction in sales and introduction of new inventory brings the overall sales-to-actives ratio down to 17%, while the ratio for detached homes indicates a buyer’s market at 12%.
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.