February 2023 - Fraser Valley Real Estate Market Snapshot

REAL ESTATE MARKET SNAPSHOT THE FRASER VALLEY

FEBRUARY 2023

Jamie Squires - Fifth Avenue Real Estate Marketing Ltd.

FRASERVALLEYREALESTATEBOARD

INTRODUCTION

Use data as a basis for decision making…

At Fifth Avenue we have hired Knew Realty Research (Knew) to meticulously and methodically take the time to comb through statistics provided by real estate boards to create this report. Gone are the days of just numbers on a page, through visual analytics allows us to help you identify general market trends in your area and benchmark it to the performance of other regions.

By utilizing our maps and intuitive charting techniques, you will be able to quickly and easily understand your market.

We hope you enjoy our creative approach to monitoring activity in your region.

Let us do the data collection and analysis for you

DISCLAIMER & TERMS OF USE

This report, and all goods, services, content, data and information subsequently provided are subject to our terms of use, available online at:

https://knewresearch.com/terms-andconditions/

TABLE OF CONTENTS

Click on a housing type below to get started…

SINGLE FAMILY

TOWNHOME

CONDOMINIUM

To get back to this menu at any time click on the logo in the top right corner of each page. Please enjoy.

SINGLE FAMILY

CURRENTLY IN THE FRASERVALLEY

REALESTATEBOARD ITISA BALANCED MARKETFORSINGLEFAMILY STYLE HOMES.

278 Single Family style homes sold in the Fraser Valley Real Estate Board in February 2023. This represents an increase of 96 unit sales, or 53% when compared to the 182 sales observed last month. When comparing the current month's sales (278 sales) to the 684 sales observed in February of 2022, sales have decreased by 406 units, or -59%.

1443 Single Family style homes were available for purchase in the Fraser Valley Real Estate Board in February 2023; this represents an increase of 93 units, or 7%, when compared to the 1350 units observed in inventory last month. When comparing this months inventory (1443 units) to the 1488 units of available inventory observed in February of 2022, inventory has decreased by 45 units, or3%.

FRASER VALLEY REAL ESTATE BOARD SINGLE FAMILY AVERAGE PRICE FEBRUARY 2023

$1,427,964 is the average price for a Single Family style home sold in February 2023. This represents an increase of $45,189 in the average sales price, or 3.3% when compared to the average price of sales observed last month ($1,382,775). When comparing the current months average sale price ($1,427,964) to the average sale price $1,898,693 observed in February of 2022, the sale price has decreased by $470,729, or25%. When looking at February YTD Single Family sales for each respective year since 2015, 2023 sales currently rank 7th.

CURRENTLY IN THE FRASERVALLEY

REALESTATEBOARD ITISA SELLERS MARKETFORTOWNHOMESTYLE HOMES.

241 Townhome style homes sold in the Fraser Valley Real Estate Board in February 2023. This represents an increase of 71 unit sales, or 42% when compared to the 170 sales observed last month. When comparing the current months sales (241 sales) to the 448 sales observed in February of 2022, sales have decreased by 207 units, or -46%.

668 Townhome style homes were available for purchase in the Fraser Valley Real Estate Board in February 2023; this represents an increase of 9 units, or 1%, when compared to the 659 units observed in inventory last month. When comparing this months inventory (668 units) to the 645 units of available inventory observed in February of 2022, inventory has increased by 23 units, or 4%.

$773,110 is the average price for a Townhome style home sold in February 2023; this represents an increase of $15,129 in the average sales price, or 2% when compared to the average price of sales observed last month ($757,981). When comparing the current months average sale price ($773,110) to the average sale price $988,990 observed in February of 2022, the sale price has decreased by $215,880, or -22%.

When looking at February YTD Townhome sales for each respective year since 2015, 2023 sales currently rank 7th.

CONDOMINIUM

CURRENTLY IN THE FRASERVALLEY REALESTATEBOARD ITISA BALANCED MARKETFORCONDOMINIUM STYLE HOMES.

286 Condominium style homes sold in the Fraser Valley Real Estate Board in February 2023. This represents an increase of 88 unit sales, or 44% when compared to the 198 sales observed last month. When comparing the current months sales (286 sales) to the 519 sales observed in February of 2022, sales have decreased by 233 units, or -45%.

1048 Condominium style homes were available for purchase in the Fraser Valley Real Estate Board in February 2023; this represents an increase of 78 units, or 8%, when compared to the 970 units observed in inventory last month. When comparing this months inventory (1048 units) to the 769 units of available inventory observed in February of 2022, inventory has increased by 279 units, or 36%.

Source: Fraser Valley Real Estate Board - REALTORS ®

Source: Fraser Valley Real Estate Board - REALTORS ®

Chart 9: FVREB Condominium Sales

Chart 10: FVREB Condominium Inventory

FRASER VALLEY REAL ESTATE BOARD CONDOMINIUM AVERAGE PRICE FEBRUARY 2023

$524,614 is the average price for a Condominium style home sold in February 2023; this represents an increase of $12,413 in the average sales price, or 2.4% when compared to the average price of sales observed last month ($512,201). When comparing the current months average sale price ($524,614) to the average sale price $608,879 observed in February of 2022, the sale price has decreased by $84,265, or -14%.

When looking at February YTD Condominium sales for each respective year since 2015, 2023 sales currently rank 7th.