The Fraser Valley housing market is showing signs of balance with a softening in demand and a slight decrease in prices. While sales have decreased in September 2023, new listings have seen a substantial rise. Inventory levels are also on the uptrend, providing a wider range of choices for buyers.
Detailed Update:
Sales:
– September 2023 recorded 1,100 sales, a drop of 13.6% compared to August. However, this is still a 22.6% increase from September 2022.
Listings:
– New listings for September stood at 2,860, marking a 9.1% increase from the previous month and a 25.8% rise from last year.
– Active listings have been growing since December and rose by 3.8% in September, reaching 6,532. This is still 3.5% below the ten-year average.
Market Outlook:
– Narinder Bains, Chair of the Fraser Valley Real Estate Board, stated: “We’re witnessing a more balanced market due to the steady rise in inventory and the slowdown in sales. If this trend persists, the increase in new listings will help keep the market balanced and offer buyers more options.”
Housing Types:
– Detached homes experienced a drop in demand with a sales-to-active listings ratio of 14% in September.
– Townhomes and apartments remain in higher demand with ratios of 31% and 25%, respectively.
– The overall market balance stands at a 17% sales-to-active listing ratio, fitting within the balanced market range of 12% to 20%.
Price Movement:
– Benchmark prices in Fraser Valley saw minor decreases of less than 1% across all property types in September.
– FVREB CEO, Baldev Gill, noted the uncertainty surrounding interest rates and highlighted the importance of consulting a REALTOR® for specific local market insights.
Average Market Duration:
– Properties remained on the market for an average of three weeks before selling.
– Townhomes and apartments were quicker to sell (23 and 24 days, respectively) compared to detached homes (29 days).
Benchmark Price Breakdown for September 2023:
– Single Family Detached: $1,526,000 (a decrease of 0.6% from August 2023, and a 4.6% increase from September 2022)
– Townhomes: $848,600 (an increase of 0.3% from August 2023, and a 3.5% increase from September 2022)
– Apartments: $545,900 (a decrease of 1.4% from August 2023, and a 3.4% increase from September 2022)
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