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November Market Update
December 8, 2022 | Posted by: Michele Cummins
New Listings Lag as Fraser Valley Real Estate Market
Sees Third Month of Declining Sales.
- With sales down from October, the Fraser Valley housing market continues its
- downward trend going into the holidays.
- In November, the Fraser Valley Real Estate Board (FVREB) recorded 839 sales on its Multiple Listing Service®,
- a 6.9% decrease compared to October and a decrease of 57.5% compared to November 2021.
- 1,703 new listings were sent to the Real Estate Board in November, a decrease of 22.1% compared to
- October 2022. That is 18.8% down from last year. At the end of the month of November, there was a
- total active inventory of 5,330 homes, a 5.5% decrease compared to October, and 74.9%
- more than November of last year!
● Single Family Detached: At $1,404,900, the Benchmark price for a single-family- detached home decreased 2.2% compared to October 2022 and
- decreased 6.3% compared to November 2021.
● Townhomes: At $799,400, the Benchmark price for a townhome decreased 1.3%- compared to October 2022 and increased 3.3%
- compared to November 2021.
● Apartments: At $518,400, the Benchmark price for an FVREB apartment/condo- decreased 1.8% compared to October 2022 and increased 5.2%
- compared to November 2021.
Sandra Benz, President of the Fraser Valley Real Estate Board says “The trends we’ve seen over the past several months will likely continue through to year-end,”. She adds “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.”
Take a look at the full Stats pack from the FVREB for the
month of November HERE