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June 2022 Fraser Valley Market Stats
July 6, 2022 | Posted by: Michele Cummins
For the third straight month, overall sales in the Fraser Valley fell as prices for all property types continued to soften, bringing greater balance to the region’s real estate market. “In just two months our market overall has shifted into balance mainly due to a softening of demand for single-family detached homes.' Says Fraser Valley Real Estate Board President.
She continues, “The condo and townhome markets, although they have moderated, they continue to favour sellers as the sales-to-active listings ratios continue to trend higher, however with fewer multiple offer situations compared to previous months, it’s likely that we will see further softening in these property types as we return to pre-COVID work-life routines.”
Some important stats to take note of:
- Single Family Detached: At $1,653,000, the Benchmark price for an FVREB single-family detached home decreased 3.5 per cent compared to May 2022 and increased 21.9 per cent compared to June 2021.
- Townhomes: At $894,300, the Benchmark price for an FVREB townhome decreased 2.7 per cent compared to May 2022 and increased 26.6 per cent compared to June 2021.
- Apartments: At $568,700, the Benchmark price for an FVREB apartment/condo decreased 2.2 per cent compared to May 2022 and increased 25.9 per cent compared to June 2021.
It was also found that in June, Across the Fraser Valley, the average number of days to sell a single-family detached home was 21 and a townhome was 19 days. Apartments took, on average, 17 days to sell.
Here is a link to the full Stats Package for June 2022 including 5 year summaries, Home Price Index & Average Price charts, Specific Stats for Fraser Valley municipalities in detail and more! CLICK HERE