Spring sales hold steady in Fraser Valley real estate market
Spring is in the air… and so is the Spring Market! If you attended any open houses in April, you know what we mean. Buyers are back in droves and as per usual inventory is not meeting the demand. Multiple offers are almost a certainty with a well priced single family home. April saw this starting to become the norm for townhomes and condos in many neighbourhoods as well. Prices have been climbing at a rapid pace and this is likely to lead to an increase in inventory levels, as sellers catch wind of this and want to cash in. Navigating this competitive market is a little different than it has been in the past. With the introduction of the Home Buyer’s Rescission Period in January, we have had to change our approach a little on both the buying and selling side. Are you curious about what that means for you or want to chat about anything real estate? Give us a shout and we can meet to discuss… probably on a patio in the sunshine!
If you are considering selling, buying or just have questions about the market, please give us a call today and let’s chat.
What Does The Fraser Valley Real Estate Board Have To Say?
SURREY, BC – Despite persistent inventory shortfalls, housing sales in the Fraser Valley remained steady in April as buyers took advantage of the continued pause in interest rate hikes.
In April, the Fraser Valley Real Estate Board (FVREB) processed 1,554 sales on its Multiple Listing Service® (MLS®), virtually unchanged compared to March and a slight decrease of 5.1 per cent compared to April 2022.
“Buyers are continuing to find opportunities in the Fraser Valley, even in the face of lower inventories,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “With prices remaining strong, we expect to see inventories increase over the coming months as sellers seek to capitalize on price growth after sitting out for so long.”
The Board received 2,478 new listings in April, off by 3.2 per cent compared to March, and down by 31.6 per cent compared to last year. The month ended with a total active inventory of 4,632, a 2.2 per cent increase over March, and 14 per cent less than April 2022.
“Our members are starting to see a rise in multiple offers on properties as the spring market kicks in,” said Board CEO, Baldev Gill. “With the heightened activity, many homeowners are asking: is now the right time to buy or sell? There is no simple – or single – answer to this question, but a wise first step would be to consult with a professional REALTOR® to determine the best path to meet your personal objectives.”
Low inventories helped nudge prices upward with the composite Benchmark price up by 2.8 per cent to $992,000 and single-family detached homes up by nearly four per cent, month-over-month.
Across Fraser Valley in April, the average number of days to sell a single-family detached home was 25 days and a townhome was 23 days. Apartments took, on average, 26 days to sell.
MLS® HPI Benchmark Price Activity
• Single Family Detached: At $1,442,900, the Benchmark price for an FVREB single-family detached home
increased 3.8 per cent compared to March 2023 and decreased 17.8 per cent compared to April 2022.
• Townhomes: At $808,000, the Benchmark price for an FVREB townhome increased 1.7 per cent compared to
March 2023 and decreased 13.3 per cent compared to April 2022.
• Apartments: At $530,200, the Benchmark price for an FVREB apartment/condo increased 1.6 per cent
compared to March 2023 and decreased 9.8 per cent compared to April 2022.
Find the April 2023 Statistics Package HERE.