Fraser Valley housing market signals further settling as sales continue to stall in response to interest rate rises

The Fraser Valley real estate market continued to settle into more of a balanced state during August.  Buyers simply have more options to choose from than they did before.  Combine this with hesitation and limited purchasing power due to interest rate hikes means the days of putting up a For Sale sign knowing that you would be slapping a Sold sticker on it in a few days are over. The average days on market for a single family home is up to 33 days.  This doesn’t mean homes aren’t selling, it just means you have to have a well thought out strategy and an experienced Realtor to execute the plan in order to maximize your sale price.  Having a great Realtor on your side will also enable you to capitalize on potential good buying opportunities that are out there.  Do you know any good Realtors?  Call us today 😉

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GO TO LAST MONTHS STATS

All Fraser Valley Areas Combined

• Detached – SALES UP FROM LAST MONTH: 6.1%
• Townhouse – SALES UP FROM LAST MONTH: 20.5%
• Condo/Apt – SALES DOWN FROM LAST MONTH: -14.3%

Abbotsford

• Detached – SALES DOWN FROM LAST MONTH: -8.2%
• Townhouse – SALES UP FROM LAST MONTH: 17.4%
• Condo/Apt – SALES DOWN FROM LAST MONTH: -27.3%

Mission

• Detached – SALES DOWN FROM LAST MONTH: -33.3%
• Townhouse – SALES FROM UP LAST MONTH: 33.3%
• Condo/Apt – SALES FROM LAST MONTH: N/A

White Rock / South Surrey

• Detached – SALES UP FROM LAST MONTH: 2.5%
• Townhouse – SALES UP FROM LAST MONTH: 25.0%
• Condo/Apt – SALES DOWN FROM LAST MONTH: -14.3%

Langley

• Detached – SALES UP FROM LAST MONTH: 11.9%
• Townhouse – SALES UP FROM LAST MONTH: 11.5%
• Condo/Apt – SALES DOWN FROM LAST MONTH: -29.7%

Delta – North

• Detached – SALES UP FROM LAST MONTH: 20.8%
• Townhouse – SALES UP FROM LAST MONTH: 57.1%
• Condo/Apt – SALES FROM LAST MONTH: N/A

Surrey – Central

• Detached – SALES UP FROM LAST MONTH: 4.0%
• Townhouse – SALES UP FROM LAST MONTH: 14.3%
• Condo/Apt – SALES UP FROM LAST MONTH: 50.0%

Surrey – Cloverdale

• Detached – SALES DOWN FROM LAST MONTH: -24.1%
• Townhouse – SALES DOWN FROM LAST MONTH: -15.2%
• Condo/Apt – SALES UP FROM LAST MONTH: 36.4%

Surrey – North

• Detached – SALES UP FROM LAST MONTH: 24.0%
• Townhouse – SALES UP FROM LAST MONTH: 228.6%
• Condo/Apt – SALES DOWN FROM LAST MONTH: -17.3%

What Does The Fraser Valley Real Estate Board Have To Say?

Fraser Valley housing market signals further settling as sales continue to stall in response to interest rate rises

SURREY, BC –

Robust active listings and relative steady sales activity continued to bring balance to the Fraser Valley real estate market in August. The past several months of rising inventory combined with a slowing trend in sales has also seen benchmark prices return to levels not seen since last year.

In August, the Fraser Valley Real Estate Board (FVREB) processed 1,017 sales on its Multiple Listing Service® (MLS®), an increase of 2.4 per cent compared to last month and a 51.3 per cent decrease compared to this time last year.

The Board received 2,045 new listings in August, a decrease of 14.3 per cent compared to July, and only 2.9 per cent less than August 2021. The month ended with a total active inventory of 5,871, a decrease of 8.5 per cent from last month but up by 44 percent compared to August 2021. Once again August saw a balanced market in the Fraser Valley with an overall sales-to-active ratio of 17 per cent (the market is considered balanced when the salesto-active ratio is between 12 per cent and 20 per cent).

“For the past three months we’ve seen the local market return to a more balanced state,” said Board President, Sandra Benz. “With the Fraser Valley continuing to settle after months of record sales and prices, we expect to see more activity this coming fall as buyers look to capitalize on the region’s reputation for providing greater value for the real estate dollar.”
Benchmark prices continued to fall across all property categories, bringing them in relative line with prices from December 2021 and eating into year-over year gains.

“With possible further hikes in interest rates this fall, homebuyers need to augment their decisions with critical advice and guidance,” said Baldev Gill, Board CEO. “Along with other professionals such as mortgage brokers and lawyers, Fraser Valley REALTORS® are a vital part of the team advising buyers and sellers on market realities and identifying potential opportunities that align with their objectives.”
Across the Fraser Valley in August, the average number of days to sell a single-family detached home increased to 33 and for townhomes to 26 days. Apartments took, on average, 25 days to sell.

MLS® HPI Benchmark Price Activity

• Single Family Detached:

At $1,513,500, the Benchmark price for an FVREB single-family detached home decreased 5.1 per cent compared to July 2022 and increased 9.8 per cent compared to August 2021.

• Townhomes:

At $841,900, the Benchmark price for an FVREB townhome decreased 3.9 per cent compared to July 2022 and increased 16.1 per cent compared to August 2021.

• Apartments:

At $542,000 the Benchmark price for an FVREB apartment/condo decreased 2.1 per cent compared to July 2022 and increased 18.4 per cent compared to August 2021.

Find the August 2022 Statistics Package here.

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