RSS

Fraser Valley: Sales steady, inventory low

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.


Get the complete Fraser Valley April stats HERE.

Comments:

No comments

Post Your Comment:

Your email will not be published
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.