REAL ESTATE MARKET SNAPSHOT THE FRASER VALLEY December 2023
PRESIDENT & MANAGING BROKER
Jamie Squires - Fifth Avenue Real Estate Marketing Ltd.
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FRASER VALLEY REAL ESTATE BOARD DECEMBER 2023
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.
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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/ Fifth Avenue - Introduction
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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.
Fifth Avenue – Table of Contents
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SINGLE FAMILY
2019
2020
2021
2022
1200
1000
271 Single Family style homes sold in the Fraser Valley Real Estate Board in December 2023. This represents a decrease of 11 unit sales, or -4% when compared to the 282 sales observed last month. When comparing the current month's sales (271 sales) to the 220 sales observed in December of 2022, sales have increased by 51 units, or 23%.
800
600
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200
0 January
February
March
April
May
June
July
August
September
October
November
December
November
December
Chart 1: FVREB Single Family Sales Source: Fraser Valley Real Estate Board - REALTORS ®
2023
2018
2019
2020
2021
2022
3500
3000
2500
2000
INVENTORY
1651 Single Family style homes were available for purchase in the Fraser Valley Real Estate Board in December 2023; this represents a decrease of 688 units, or -29% when compared to the 2339 units observed in inventory last month. When comparing this months inventory (1651 units) to the 1304 units of available inventory observed in December of 2022, inventory has increased by 347 units, or 27%.
2018
1400
SALES
CURRENTLY IN THE FRASER VALLEY REAL ESTATE BOARD IT IS A SELLERS MARKET FOR SINGLE FAMILY STYLE HOMES.
2023 1600
1500
1000
500
0 January
February
March
April
May
June
July
August
September
October
Chart 2: FVREB Single Family Inventory Source: Fraser Valley Real Estate Board - REALTORS ®
Fifth Avenue – Single Family
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FRASER VALLEY REAL ESTATE BOARD SINGLE FAMILY AVERAGE PRICE
DECEMBER 2023
$2,000,000
$1,800,000
$1,600,000
$1,407,210 AVERAGE PRICE
$1,400,000
$1,200,000
$1,000,000
$800,000
$600,000
$400,000 Q1
Q2
Q3 2017
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2018
Chart 3: Historical Single Family Average Sales Price Source: Fraser Valley Real Estate Board - REALTORS ®
Q3 2019
Q4
Q1
Q2
Q3 2020
Q4
Q1
Q2
Q3 2021
Q4
Q1
Q2
Q3 2022
Q4
Q1
Q2
Q3
Q4
2023
Fifth Avenue – Single Family
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$1,407,210 is the average price for a Single Family style home sold in December 2023. This represents a decrease of $52,861 in the average sales price, or -3.6% when compared to the average price of sales observed last month ($1,460,071). When comparing the current months average sale price ($1,407,210) to the average sale price $1,377,503 observed in December of 2022, the sale price has increased by $29,707, or 2%. When looking at December YTD Single Family sales for each respective year since 2015, 2023 sales currently rank 7th.
SALES 12000
10000
SALES (YTD)
8000
6000
4000
2000
0 December 2017 December 2018 December 2019 December 2020 December 2021 December 2022 December 2023 YTD YTD YTD YTD YTD YTD YTD
Chart 4: Single Family Sales YTD Comparison Source: Fraser Valley Real Estate Board - REALTORS ®
Fifth Avenue – Single Family
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TOWNHOME
2018
2019
2020
2021
2022
800
700
600
SALES
CURRENTLY IN THE FRASER VALLEY REAL ESTATE BOARD IT IS A SELLERS MARKET FOR TOWNHOME STYLE HOMES.
2023 900
185 Townhome style homes sold in the Fraser Valley Real Estate Board in December 2023. This represents a decrease of 26 unit sales, or 12% when compared to the 211 sales observed last month. When comparing the current months sales (185 sales) to the 153 sales observed in December of 2022, sales have increased by 32 units, or 21%.
500
400
300
200
100
0 January
February
March
April
May
June
July
August
September
October
November
December
November
December
Chart 5: FVREB Townhome Sales Source: Fraser Valley Real Estate Board - REALTORS ®
2023
2018
2019
2020
2021
2022
1600
1400
1200
1000
INVENTORY
629 Townhome style homes were available for purchase in the Fraser Valley Real Estate Board in December 2023; this represents a decrease of 221 units, or -26% when compared to the 850 units observed in inventory last month. When comparing this months inventory (629 units) to the 653 units of available inventory observed in December of 2022, inventory has decreased by 24 units, or -4%.
800
600
400
200
0 January
February
March
April
May
June
July
August
September
October
Chart 6: FVREB Townhome Inventory Source: Fraser Valley Real Estate Board - REALTORS ®
Fifth Avenue - Townhome
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FRASER VALLEY REAL ESTATE BOARD TOWNHOME AVERAGE PRICE
DECEMBER 2023
$1,100,000
$1,000,000
AVERAGE PRICE
$900,000
$817,943
$800,000
$700,000
$600,000
$500,000
$400,000
$300,000 Q1
Q2
Q3 2017
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2018
Chart 7: Historical Townhome Average Sales Price Source: Fraser Valley Real Estate Board - REALTORS ®
Q3 2019
Q4
Q1
Q2
Q3 2020
Q4
Q1
Q2
Q3 2021
Q4
Q1
Q2
Q3 2022
Q4
Q1
Q2
Q3
Q4
2023
Fifth Avenue - Townhome
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$817,943 is the average price for a Townhome style home sold in December 2023; this represents a decrease of $4,970 in the average sales price, or -0.6% when compared to the average price of sales observed last month ($822,913). When comparing the current months average sale price ($817,943) to the average sale price $738,464 observed in December of 2022, the sale price has increased by $79,479, or 11%. When looking at December YTD Townhome sales for each respective year since 2015, 2023 sales currently rank 7th. SALES 8000
7000
6000
SALES (YTD)
5000
4000
3000
2000
1000
0 December 2017 December 2018 December 2019 December 2020 December 2021 December 2022 December 2023 YTD YTD YTD YTD YTD YTD YTD
Chart 8: FVREB Townhome Sales YTD Comparison Source: Fraser Valley Real Estate Board - REALTORS ®
Fifth Avenue - Townhome
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CONDOMINIUM
2018
2019
2020
2021
2022
800
700
600
SALES
CURRENTLY IN THE FRASER VALLEY REAL ESTATE BOARD IT IS A SELLERS MARKET FOR CONDOMINIUM STYLE HOMES.
2023 900
278 Condominium style homes sold in the Fraser Valley Real Estate Board in December 2023. This represents a decrease of 10 unit sales, or -3% when compared to the 288 sales observed last month. When comparing the current months sales (278 sales) to the 219 sales observed in December of 2022, sales have increased by 59 units, or 27%.
500
400
300
200
100
0 January
February
March
April
May
June
July
August
September
October
November
December
November
December
Chart 9: FVREB Condominium Sales Source: Fraser Valley Real Estate Board - REALTORS ®
2023
2018
2019
2020
2021
2022
2000
1800
1600
1400
1200
INVENTORY
1061 Condominium style homes were available for purchase in the Fraser Valley Real Estate Board in December 2023; this represents a decrease of 344 units, or -24%, when compared to the 1405 units observed in inventory last month. When comparing this months inventory (1061 units) to the 878 units of available inventory observed in December of 2022, inventory has increased by 183 units, or 21%.
1000
800
600
400
200
0 January
February
March
April
May
June
July
August
September
October
Chart 10: FVREB Condominium Inventory Source: Fraser Valley Real Estate Board - REALTORS ®
Fifth Avenue - Condominium
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FRASER VALLEY REAL ESTATE BOARD CONDOMINIUM AVERAGE PRICE
DECEMBER 2023
$650,000 $600,000
$543,022 $550,000
AVERAGE PRICE
$500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000
Q1
Q2
Q3 2017
Q4
Q1
Q2
Q3 2018
Q4
Q1
Q2
Q3 2019
Chart 11: Historical Condominium Average Sales Price Source: Fraser Valley Real Estate Board - REALTORS ®
Q4
Q1
Q2
Q3 2020
Q4
Q1
Q2
Q3 2021
Q4
Q1
Q2
Q3 2022
Q4
Q1
Q2
Q3
Q4
2023
Fifth Avenue - Condominium
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$543,022 is the average price for a Condominium style home sold in December 2023; this represents a decrease of $17,970 in the average sales price, or -3.2% when compared to the average price of sales observed last month ($560,992). When comparing the current months average sale price ($543,022) to the average sale price $496,694 observed in December of 2022, the sale price has increased by $46,328, or 9%. When looking at December YTD Condominium sales for each respective year since 2015, 2023 sales currently rank 4th. SALES 8000
7000
6000
SALES (YTD)
5000
4000
3000
2000
1000
0 December 2017 December 2018 December 2019 December 2020 December 2021 December 2022 December 2023 YTD YTD YTD YTD YTD YTD YTD
Chart 12: FVREB Condominium Sales YTD Comparison Source: Fraser Valley Real Estate Board - REALTORS ®
Fifth Avenue - Condominium
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