With sales down, almost seven percent from October, and new listings off by more than 20 percent, the Fraser Valley housing market continues its slowing trend heading into the holiday season. Despite the market slowdown, opportunities are available, as evidenced by brisk turnover time frames.
In November, the Fraser Valley Real Estate Board (FVREB) processed 839 sales on its Multiple Listing Service® (MLS®), a 6.9 percent decrease compared to October and a decrease of 57.5 percent compared to November 2021.
“The trends we’ve seen over the past several months will likely continue through to year-end,” said Sandra Benz, President of the Fraser Valley Real Estate Board. “While rate hikes have effectively put many buyers and sellers in a holding pattern, we’re still seeing relatively quick turnover for all housing categories, indicating robust opportunities for properties that are strategically priced.”
The Board received 1,703 new listings in November, a decrease of 22.1 percent compared to October 2022 and a decrease of 18.8 percent compared to last year. The month ended with a total active inventory of 5,330, a 5.5 percent decrease compared to October, and 74.9 percent more than November of last year
“The market continues to tighten in response to rising interest rates,” said Board CEO Baldev Gill. “As a result, individuals are facing additional levels of uncertainty regarding the decision to buy or sell a home, underscoring the importance of seeking advice and guidance from a local REALTOR® to mitigate the risks involved.”
Across Fraser Valley in November, the average number of days to sell a single-family detached home was 34 days and a townhome was 28 days. Apartments took, on average, 27 days to sell.
MLS® HPI Benchmark Price Activity
Single Family Detached: At $1,404,900, the Benchmark price for an FVREB single-family detached home decreased by 2.2 percent compared to October 2022 and decreased by 6.3 percent compared to November 2021.
Townhomes: At $799,400, the Benchmark price for an FVREB townhome decreased by 1.3 percent compared to October 2022 and increased by 3.3 percent compared to November 2021.
Apartments: At $518,400, the Benchmark price for an FVREB apartment/condo decreased 1.8 percent compared to October 2022 and increased 5.2 percent compared to November 2021