Infographic: Fraser Valley Residential Real Estate November 2023

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.

 

KEY TAKEAWAYS FROM NOVEMBER 2023 FRASER VALLEY RESIDENTIAL MARKET

  • The number of sales across all property types decreased by an average of 8% compared to October, with detached homes seeing the most significant decrease.
  • New listings across all property experienced a decrease across all property types when compared to October, however the number of new listings has increased compared to the same month of the previous year.
  • The average number of days on the market increased significantly across all property types compared to October.
  • The market for detached homes remains favorable for buyers at a sales-to-actives ratio of 12%, while townhouses remain steady at 25% and condos soften to 20%, a 10% change from the previous month.

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%.

 

Further Reading

View the Fraser Valley Real Estate Board’s entire stats package for November 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.

Justin Mitchell

Personal Real Estate Corporation

Founding Partner
Residential Development Land
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Adam Lawrence

Personal Real Estate Corporation

Development Land Sales
Residential Development Land
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Megan Johal

Personal Real Estate Corporation

Development Land Sales
Residential Development Land
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Sam Taktsang

Development Land Sales
Residential Development Land
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