Fraser Valley Concludes 2023 Marking a Decade Low in Annual Sales.
The Fraser Valley real estate market closed out 2023 with some notable trends. The year ended with 14,713 sales, marking a four per cent decrease from 2022 and a significant 23 per cent drop from the 10-year average. This decline in sales was attributed to high interest rates, which also contributed to a 10-year low in new listings at 29,610, an eight per cent fall from the 10-year average. Despite these challenges, the composite Benchmark home price in the Fraser Valley increased by five per cent over the year, closing at $988,900. However, this figure was six per cent lower than the peak price in July 2023.
comparison table summarizing the key real estate market statistics for the Fraser Valley in December 2023:
| Statistic | December 2023 | Change from November 2023 | Change from December 2022 |
|---|---|---|---|
| Total Sales | 837 | -6% | +17% |
| New Listings | 942 | -54% | +17% |
| Total Active Listings | 4,670 | -25% | +19% |
| Sales-to-Active Listings Ratio | 18% | – (Balanced Market) | – |
| Average Days on Market | 41 days | – | – |
| Benchmark Price – Detached | $1,471,500 | -1.2% | +7.1% |
| Benchmark Price – Townhomes | $826,400 | -1.3% | +5.3% |
| Benchmark Price – Apartments | $537,600 | -1.4% | +6.9% |
December 2023 saw a continuation of these trends, with 837 sales recorded, a six per cent decrease from November but a 17 per cent increase compared to December 2022. New listings in December dropped dramatically by 54 per cent compared to November, though they were up 17 per cent year-over-year. The total active listings stood at 4,670, decreasing 25 per cent month-over-month but increasing 19 per cent compared to the previous year. The sales-to-active listings ratio for December was 18 per cent, indicating a balanced market. Properties spent an average of 41 days on the market, with single-family detached homes taking around 40 days to sell, and townhomes and apartments moving more quickly at 32 and 33 days, respectively.
Regarding price trends, overall Benchmark prices continued to decline for the fifth consecutive month, with a 1.5 per cent drop compared to November. The Benchmark price for single-family detached homes was $1,471,500, a 1.2 per cent decrease from November but a 7.1 per cent increase from December 2022. Townhomes had a Benchmark price of $826,400, down 1.3 per cent from November but up 5.3 per cent year-over-year. Apartments saw a Benchmark price of $537,600, a 1.4 per cent decrease from November, but an increase of 6.9 per cent compared to December 2022.
Real Estate Market Stats based on data from Fraser Valley Real Estate Board December Statistics package.
Thanks,
Sunny Kaler PREC
RE/MAX Blueprint Realty
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