RSS

FVREB November 2023 Stats: Slowing sales, declining listings

SURREY, BC – The Fraser Valley real estate market continues to cool heading into the holiday season as
buyers and sellers maintain the holding pattern seen over the latter half of this year.
The Fraser Valley Real Estate Board recorded 891 transactions on its Multiple Listing Service® (MLS®) in
November, a drop of 8 per cent from the previous month, representing the 9th slowest November in a
decade.
At 2,030 new listings also fell again, decreasing by 20 per cent from October and by 43 per cent since
peaking in May at 3,533.
“As we head into the holiday season, buyers and sellers are busy with other priorities and will most likely
continue to wait on the sidelines,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “We
anticipate this holding pattern, defined by slow sales and declining new listings, will continue through the
winter months until we see some downward movement in interest rates.”
Active listings in November were 6,254, down by 5 per cent over last month and up by 17 per cent over
November 2022. The sales-to-active listings ratio was 14 per cent, creating balanced conditions in the
overall market. Detached houses are in balanced market territory at 12 per cent, while both townhomes
and apartments remain in seller’s market territory. The market is considered balanced when the ratio is
between 12 per cent and 20 per cent.
“With seasonality and high interest rates continuing to dampen sales activity, we expect to see sales slow
further into early 2024,” said FVREB CEO Baldev Gill. “However, even a slow market can present
opportunities, and buyers would be well-advised to work with a knowledgeable, professional REALTOR®
who can provide expert advice and guidance.”
On average, properties spent approximately one month on the market, with single family detached homes
spending 36 days on the market, and townhomes and apartments moving more quickly at 29 days.
Overall Benchmark prices continued to slide for the fourth month in a row, losing 1.1 per cent compared to
October.
MLS® HPI Benchmark Price Activity
• Single Family Detached: At $1,489,100, the Benchmark price for an FVREB single-family detached
home decreased 0.94 per cent compared to October 2023 and increased 6.22 per cent compared
to November 2022.
• Townhomes: At $837,200, the Benchmark price for an FVREB townhome decreased 0.95 per cent
compared to October 2023 and increased 5.08 per cent compared to November 2022.
• Apartments: At $545,300, the Benchmark price for an FVREB apartment/condo decreased 0.02 per
cent compared to October 2023 and increased 5.60 per cent compared to November 2022.


Get all of the November Fraser Valley 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.