{"id":70878,"date":"2023-04-03T15:27:32","date_gmt":"2023-04-03T19:27:32","guid":{"rendered":"https:\/\/www.schreders.ca\/blog\/?p=70878"},"modified":"2023-04-03T15:31:43","modified_gmt":"2023-04-03T19:31:43","slug":"fraser-valley-real-estate-market-february-2023","status":"publish","type":"post","link":"https:\/\/www.schreders.ca\/blog\/fraser-valley-real-estate-market-february-2023\/","title":{"rendered":"Fraser Valley Real Estate Market February 2023"},"content":{"rendered":"

Signs of stability in Fraser Valley create opportunities for home buyers and sellers<\/p>\r\n\r\n\r\n\r\n

In our Market Update during the first week of February, we discussed that the number of showings on listings was increasing significantly.\u00a0 Well, those showings began turning into offers as February progressed.\u00a0 Most market segments heated up and homes that were priced appropriately were sold fast.\u00a0 This first week of March we have seen things pick up even further.\u00a0 Multiple offers are becoming commonplace again.\u00a0 These are not the multiple offer situations we were used to in years past though. Homes are typically not being sold for ridiculous amounts over the asking price and even the winning bids typically have regular conditions on them.\u00a0 Maybe we can thank the new Home Buyer’s\u00a0Recission\u00a0Period for this? The main drive behind all of this is still a shortage of supply.\u00a0 Will things level off again quickly as we get a surge in spring inventory?\u00a0 We would be happy to discuss and give you our thoughts on that anytime; just give us a shout.<\/p>\r\n\r\n\r\n\r\n

See Listed Properties For Sale in Langley BC<\/a><\/p>\r\n\r\n\r\n\r\n

If you are considering selling, buying or just have questions about the market<\/strong>, please give us a call today and let\u2019s chat<\/a>.<\/p>\r\n

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What Does The Fraser Valley Real Estate Board Have To Say?<\/p>\r\n\r\n\r\n\r\n

SURREY, BC \u2014 House prices in the Fraser Valley posted a slight but positive bump in February after nearly a year of month-overmonth decreases. Similarly, sales, though still trending lower than normal, also recorded their first monthly gain since October.<\/p>\r\n

The Fraser Valley Real Estate Board (FVREB) processed 898 sales on its Multiple Listing Service\u00ae in February, an increase of 43.5 per cent over January but still only half as many as were recorded a year ago.<\/p>\r\n

February new listings were also up, by 5.7 per cent over last month to 1,938 but 48.2 per cent lower than this time last year. Active listings grew by 7.0 per cent over January and by 16.3 per cent over February 2022.<\/p>\r\n

The composite Benchmark price in February was $946,700 and though relatively flat compared to January with a negligible gain of 0.5 per cent, it reverses the price slide the market has been experiencing since April 2022. Further, while well below the record prices posted at that time, it is still more than 36 per cent higher than pre-pandemic February 2020.<\/p>\r\n

\u201cIn recent months, the level of uncertainty regarding rates and prices has negatively impacted inventory and that\u2019s kept a lot of clients on the sidelines,\u201d said Sandra Benz, President of the Fraser Valley Real Estate Board. \u201cTogether with a growing consensus suggesting that a pause on rate hikes is imminent, the positive signals from the market give families something to build on and plan for. As that starts to happen we expect to see sales pick up slowly but steadily heading into spring.\u201d<\/p>\r\n

With a sales-to-active listings ratio of 20 per cent, the overall market was once again in balance, however the ratio for townhomes was higher at 36 per cent, indicating a seller\u2019s market for this category. The market is considered in balance when the ratio is between 12 per cent and 20 per cent.<\/p>\r\n

\u201cAll indications suggest that the market is on track to re-establish a level of stability, which is encouraging for both demand and supply sides,\u201d said Baldev Gill, Chief Executive Officer of the Board. \u201cWith solid opportunities for properties that are appropriately priced, investing in the expertise of a professional REALTOR\u00ae should be the first decision buyers and sellers make to ensure the best local strategies before jumping back into the market.\u201d<\/p>\r\n

Properties spent between 7 and 12 fewer days on the market compared to last month, another sign that the market may be picking up. Across Fraser Valley in February, the average number of days to sell a single-family detached home was 36 and a townhome was 33 days. Apartments took, on average, 32 days to sell.<\/p>\r\n

MLS\u00ae HPI Benchmark Price Activity<\/p>\r\n

\u2022 Single Family Detached: At $1,364,300, the Benchmark price for an FVREB single-family detached home increased 0.5 per cent compared to January 2023 and decreased 21.5 per cent compared to February 2022.<\/p>\r\n

\u2022 Townhomes: At $776,200, the Benchmark price for an FVREB townhome increased 0.4 per cent compared to January 2023 and decreased 13.8 per cent compared to February 2022.<\/p>\r\n

\u2022 Apartments: At $510,100, the Benchmark price for an FVREB apartment\/condo increased 1.3 per cent compared to January 2023 and decreased 10.5 per cent compared to February 2022.<\/p>\r\n\r\n\r\n\r\n

Find the February 2023 Statistics Package HERE.\u00a0<\/a><\/p>","protected":false},"excerpt":{"rendered":"

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