Fraser Valley real estate market continues to stabilize heading into fall season – FVREB

Continued slowing sales and a slight rise in inventory in September combined to bring greater stability to the Fraser Valley housing market.

In September, the Fraser Valley Real Estate Board (FVREB) processed 897 sales on its Multiple Listing Service® (MLS®), a decrease of 11.8 per cent compared to last month and a 51.9 per cent decrease compared to this time last year.

The Board received 2,273 new listings in September, an increase of 11.1 per cent compared to August, and only 2.9 per cent less than September 2021. The month ended with a total active inventory of 5,805, a decrease of 1.1 per cent from last month but up by 52.3 per cent compared to September 2021. Once again, September saw a balanced market in the Fraser Valley with an overall sales-to-active ratio of 15 per cent (the market is considered balanced when the sales-to-active ratio is between 12 per cent and 20 per cent).

Across the Fraser Valley in September, the average number of days spent on the market before selling continued to increase: 34 days for a single-family detached, 32 for townhomes, and 30 for apartments.

MLS® HPI Benchmark Price Activity

• Single Family Detached: At $1,462,000, the Benchmark price for an FVREB single-family detached home decreased 3.4 per cent compared to August 2022 and increased 4.1 per cent compared to September 2021.
• Townhomes: At $822,400, the Benchmark price for an FVREB townhome decreased 2.3 per cent compared to August 2022 and increased 11.6 per cent compared to September 2021.
• Apartments: At $530,400 the Benchmark price for an FVREB apartment/condo decreased 2.1 per cent compared to August 2022 and increased 14.5 per cent compared to September 2021.

Find the Fraser Valley Real Estate Board September Statistics Package here. 

Thanks, 
Sunny Kaler – PREC
REMAX Blueprint Realty