Infographic: Fraser Valley Residential Real Estate September 2023

The Fraser Valley real estate market experienced further slowdowns in September, with sales declining for the third consecutive month following peak sales in June. This deceleration was attributed to a mix of seasonal patterns and interest rate uncertainty.

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 SEPTEMBER 2023 FRASER VALLEY RESIDENTIAL MARKET

• The number of sales across all property types decreased by an average of 12.7% compared to August, however sales have increased compared to the previous year.
• New listings across all property experienced an increase across all property types when compared to August.
• The average number of days on market for townhomes saw a substantial increase, with single family and condo properties also experiencing growth.
• The market for detached homes softened further with a sales-to-active ratio of 14%, which indicates a balance between supply and demand. The market for townhomes and condos also relaxed, but remains stronger, with sales-to-actives at 31% and 25%, respectively.

HPI Benchmark Price of Detached Homes

Fraser Valley benchmark prices for detached homes experienced negligible changes compared to the previous month. Despite this, the September 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. The greatest change was reflected in the sales of townhomes, which saw a change of 0.9% when compared to last month. Despite this downward trend, the average percent of the original sale price remains higher than the same time period of the previous year.

Days on Market

Townhomes experienced a significant increase in the number of days on the market, with growth of over 43% and an average of 23 days on the market. Single family homes and apartments also spent longer on the market at 29 and 24 days respectively. This growth reflects a slow-down in the market, and when paired with the gradual decrease in the benchmark price and reduction in the average percent of original price may indicate a trend towards a more balanced market.

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Fraser Valley ReSIDENTIAL REAL ESTATE: SEPTEMBER 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 detached homes and apartments in Fraser Valley decreased slightly from the previous month, but still showed a slight increase from the same month in the previous year. Townhomes experienced a slight increase of 0.3% from the previous month. 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 both townhomes and condos, but saw a 13.5% increase for single family homes in September. The year-over-year comparison continues to indicate growth in the availability of product as new listings averaged an increase of nearly 22% 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 17% indicates a shift towards a balanced market.

Further Reading

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