Infographic: Fraser Valley Residential Real Estate October 2023

The Fraser Valley real estate market continues to experience a slowdown, with sales declining for the fourth consecutive month. This deceleration may be attributed to 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 octoBER 2023 FRASER VALLEY RESIDENTIAL MARKET

• The number of sales across all property types decreased by an average of 13% compared to September, with condos seeing the most significant decrease.
• New listings across all property experienced a decrease across all property types when compared to September, 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 decreased for single family homes and townhomes, with condos seeing an increase of 12.5% compared to September.
• The market for detached homes softened further with a sales-to-actives ratio of 12%, which indicates drop into a buyer’s market. The market for townhomes and condos also relaxed, but remains stronger, with sales-to-actives at 24% and 22%, respectively.

HPI Benchmark Price of Detached Homes

Fraser Valley benchmark prices for detached homes saw further decreases compared to the previous month. Despite this, the October 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 0.6% 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 September, detached homes and townhomes spent significantly less time on the market, however the sales of apartments are lagging with an increase of 12.75% at an average of 27 days on the market. The reduction in the average days on the market for detached homes and townhomes to 26 and 21 days respectively shows promise for a gradual increase in market activity.

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Fraser Valley ReSIDENTIAL REAL ESTATE: OCTOBER 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 an average of a 2.2% reduction in October when compared to the benchmark prices of September. Despite this reduction, condos and detached homes benchmark prices are 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 September, with an average decrease of 10.6% and the inventory of detached homes seeing the most significant reduction at a 15.3% change. The year-over-year comparison continues to indicate growth in the availability of product as new listings averaged an increase of nearly 18% compared to the same month in 2022. The trend of slowly increasing inventory and reduced sales as seen in the sales-to-actives ratio of 15% indicates a shift towards a balanced market, while detached homes dip into buyers’ market territory at 12%.

Further Reading

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