March 2022 - Fraser Valley Real Estate Market Snapshot

FRASER VALLEY REAL ESTATE BOARD MARCH 2022

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.

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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

2017

2019

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2021

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932 Single Family style homes sold in the Fraser Valley Real Estate Board in March 2022. This represents an increase of 248 unit sales, or 36% when compared to the 684 sales observed last month. When comparing the current month's sales (932 sales) to the 1416 sales observed in March of 2021, sales have decreased by 484 units, or -34%.

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Chart 1: FVREB Single Family Sales Source: Fraser Valley Real Estate Board - REALTORS ®

2022

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2021

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INVENTORY

1890 Single Family style homes were available for purchase in the Fraser Valley Real Estate Board in March 2022; this represents an increase of 402 units, or 27%, when compared to the 1488 units observed in inventory last month. When comparing this months inventory (1890 units) to the 1928 units of available inventory observed in March of 2021, inventory has decreased by 38 units, or -2%.

2018

1400

SALES

CURRENTLY IN THE FRASER VALLEY REAL ESTATE BOARD IT IS A BALANCED MARKET FOR SINGLE FAMILY STYLE HOMES.

2022 1600

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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

MARCH 2022

$2,000,000

$1,787,448 $1,800,000

AVERAGE PRICE

$1,600,000

$1,400,000

$1,200,000

$1,000,000

$800,000

$600,000

$400,000 Qtr 1

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Chart 3: Historical Single Family Average Sales Price Source: Fraser Valley Real Estate Board - REALTORS ®

Fifth Avenue – Single Family

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$1,787,448 is the average price for a Single Family style home sold in March 2022. This represents a decrease of $111,245 in the average sales price, or 5.9% when compared to the average price of sales observed last month ($1,898,693). When comparing the current months average sale price ($1,787,448) to the average sale price $1,408,763 observed in March of 2021, the sale price has increased by $378,685, or 27%.

When looking at March YTD Single Family sales for each respective year since 2015, 2022 sales currently rank 3rd.

SALES 4000

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SALES (YTD)

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0 March 2016 YTD March 2017 YTD March 2018 YTD March 2019 YTD March 2020 YTD March 2021 YTD March 2022 YTD

Chart 4: Single Family Sales YTD Comparison Source: Fraser Valley Real Estate Board - REALTORS ®

Fifth Avenue – Single Family

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TOWNHOME

2017

2019

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2021

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624 Townhome style homes sold in the Fraser Valley Real Estate Board in March 2022. This represents an increase of 176 unit sales, or 39% when compared to the 448 sales observed last month. When comparing the current months sales (624 sales) to the 773 sales observed in March of 2021, sales have decreased by 149 units, or -19%.

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Chart 5: FVREB Townhome Sales Source: Fraser Valley Real Estate Board - REALTORS ®

2022

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INVENTORY

913 Townhome style homes were available for purchase in the Fraser Valley Real Estate Board in March 2022; this represents an increase of 268 units, or 42%, when compared to the 645 units observed in inventory last month. When comparing this months inventory (913 units) to the 642 units of available inventory observed in March of 2021, inventory has increased by 271 units, or 42%.

2018

800

SALES

CURRENTLY IN THE FRASER VALLEY REAL ESTATE BOARD IT IS A BALANCED MARKET FOR TOWNHOME STYLE HOMES.

2022 900

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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

MARCH 2022

$1,100,000

$967,610

$1,000,000

AVERAGE PRICE

$900,000

$800,000

$700,000

$600,000

$500,000

$400,000

$300,000

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2022

Chart 7: Historical Townhome Average Sales Price Source: Fraser Valley Real Estate Board - REALTORS ®

Fifth Avenue - Townhome

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$967,610 is the average price for a Townhome style home sold in March 2022; this represents a decrease of $21,380 in the average sales price, or 2.2% when compared to the average price of sales observed last month ($988,990). When comparing the current months average sale price ($967,610) to the average sale price $713,247 observed in March of 2021, the sale price has increased by $254,363, or 36%.

When looking at March YTD Townhome sales for each respective year since 2015, 2022 sales currently rank 3rd.

SALES 2500

SALES (YTD)

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0 March 2016 YTD March 2017 YTD March 2018 YTD March 2019 YTD March 2020 YTD March 2021 YTD March 2022 YTD

Chart 8: FVREB Townhome Sales YTD Comparison Source: Fraser Valley Real Estate Board - REALTORS ®

Fifth Avenue - Townhome

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CONDOMINIUM

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803 Condominium style homes sold in the Fraser Valley Real Estate Board in March 2022. This represents an increase of 284 unit sales, or 55% when compared to the 519 sales observed last month. When comparing the current months sales (803 sales) to the 811 sales observed in March of 2021, sales have decreased by 8 units, or -1%.

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Chart 9: FVREB Condominium Sales Source: Fraser Valley Real Estate Board - REALTORS ®

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INVENTORY

848 Condominium style homes were available for purchase in the Fraser Valley Real Estate Board in March 2022; this represents an increase of 79 units, or 10%, when compared to the 769 units observed in inventory last month. When comparing this months inventory (848 units) to the 1159 units of available inventory observed in March of 2021, inventory has decreased by 311 units, or -27%.

2018

800

SALES

CURRENTLY IN THE FRASER VALLEY REAL ESTATE BOARD IT IS A SELLERS MARKET FOR CONDOMINIUM STYLE HOMES.

2022 900

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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

MARCH 2022

$650,000

$599,600

$600,000 $550,000

AVERAGE PRICE

$500,000 $450,000 $400,000

$350,000 $300,000 $250,000 $200,000 $150,000 Qtr 1

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Chart 11: Historical Condominium Average Sales Price Source: Fraser Valley Real Estate Board - REALTORS ®

Fifth Avenue - Condominium

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$599,600 is the average price for a Condominium style home sold in March 2022; this represents a decrease of $9,279 in the average sales price, or 1.5% when compared to the average price of sales observed last month ($608,879). When comparing the current months average sale price ($599,600) to the average sale price $462,948 observed in March of 2021, the sale price has increased by $136,652, or 30%.

When looking at March YTD Condominium sales for each respective year since 2015, 2022 sales currently rank 2nd.

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SALES (YTD)

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600 400 200 0 March 2016 YTD March 2017 YTD March 2018 YTD March 2019 YTD March 2020 YTD March 2021 YTD March 2022 YTD

Chart 12: FVREB Condominium Sales YTD Comparison Source: Fraser Valley Real Estate Board - REALTORS ®

Fifth Avenue - Condominium

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Fifth Avenue – Disclaimer & Terms of Use

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