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September 2022 Fraser Valley Market Stats
Fraser Valley Real Estate Market Continues to Stabilize Heading Into Fall Season!
This September, the Fraser Valley Real Estate Board (FVREB) processed 897 sales on its Multiple Listing Service® (MLS®), a decrease of 11.8% as compared to last month and a 51.9% decrease compared to this time last year.
- 2,273 new listings in September, an increase of 11.1% compared to August, and only 2.9% less than September 2021. The month ended with a total active inventory of 5,805, up by 52.3% compared to September 2021.
- September saw a balanced market in the Fraser Valley with an overall sales-to-active ratio of 15% (the market is considered balanced when the sales-to-active ratio is between 12% and 20%)
Sandra Benz, FVREB President says “There’s no question that interest rates continue to be a primary factor in the market trends over the past six months or so,”. She adds “The sales slowdown we’re seeing reflects a level of caution exercised by buyers, who are likely waiting for the market to settle further before jumping in. In the meantime, we anticipate prices may continue to decline across all categories.”
Some notable stats on price activity:
- Single Family Detached: At $1,462,000, the Benchmark price for a single-family detached home decreased 3.4% compared to August 2022 and increased 4.1% compared to September 2021.
- Townhomes: At $822,400, the Benchmark price for a townhome decreased 2.3% compared to August 2022 and increased 11.6% compared to September 2021.
- Apartments: At $530,400 the Benchmark price for an apartment/condo decreased 2.1% compared to August 2022 and increased 14.5% compared to September 2021.
Here is a link to the full Stats Package for September 2022 including 5 year summaries, Home Price Index & Average Price charts, Specific Stats for Fraser Valley municipalities in detail and more! CLICK HERE