May 2022 - Fraser Valley Real Estate Market Snapshot

Page 1

MAY

& MANAGING BROKER
Squires - Fifth Avenue Real Estate Marketing Ltd.
FRASER VALLEY
PRESIDENT
Jamie
REAL ESTATE MARKET SNAPSHOT THE
2022
FRASER VALLEY REAL ESTATE BOARD MAY 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.

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-and-conditions/

1 Fifth Avenue - Introduction

TABLE OF CONTENTS

Click on a housing type below to get started…

SINGLE FAMILY

TOWNHOME

CONDOMINIUM

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Fifth Avenue – Table of Contents 2

SINGLE FAMILY

CURRENTLY IN THE FRASER VALLEY

REAL ESTATE BOARD IT IS A BUYERS MARKET FOR SINGLE FAMILY STYLE HOMES.

434 Single Family style homes sold in the Fraser Valley Real Estate Board in May 2022. This represents a decrease of 116 unit sales, or -21% when compared to the 550 sales observed last month. When comparing the current month's sales (434 sales) to the 1193 sales observed in May of 2021, sales have decreased by 759 units, or -64%.

2452 Single Family style homes were available for purchase in the Fraser Valley Real Estate Board in May 2022; this represents an increase of 259 units, or 12%, when compared to the 2193 units observed in inventory last month. When comparing this months inventory (2452 units) to the 2402 units of available inventory observed in May of 2021, inventory has increased by 50 units, or 2%.

0 200 400 600 800 1000 1200 1400 1600 January February March April May June July August September October November December SALES
2022 2017 2018 2019 2020 2021 0 500 1000 1500 2000 2500 3000 3500 January February March April May June July August September October November December INVENTORY
2022 2017 2018 2019 2020 2021 Fifth Avenue – Single Family 3 Source: Fraser Valley Real Estate Board - REALTORS ® Source: Fraser Valley Real Estate Board - REALTORS ®
Chart 1: FVREB Single Family Sales Chart 2: FVREB Single Family Inventory

FRASER VALLEY REAL ESTATE BOARD SINGLE FAMILY AVERAGE PRICE MAY 2022

Average Sales Price

$1,643,815 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 $1,600,000 $1,800,000 $2,000,000 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2016 2017 2018 2019 2020 2021 2022
AVERAGE PRICE Chart 3: Historical Single Family
Fifth Avenue – Single Family 4 Source: Fraser Valley Real Estate Board - REALTORS ®

$1,643,815 is the average price for a Single Family style home sold in May 2022. This represents a decrease of $82,691 in the average sales price, or -4.8% when compared to the average price of sales observed last month ($1,726,506). When comparing the current months average sale price ($1,643,815) to the average sale price $1,416,230 observed in May of 2021, the sale price has increased by $227,585, or 16%.

When looking at May YTD Single Family sales for each respective year since 2015, 2022 sales currently rank 4th.

0 1000 2000 3000 4000 5000 6000 7000 May 2016 YTD May 2017 YTD May 2018 YTD May 2019 YTD May 2020 YTD May 2021 YTD May 2022 YTD SALES (YTD) Chart 4: Single Family Sales YTD Comparison SALES Fifth Avenue – Single Family 5 Source: Fraser Valley Real Estate Board - REALTORS ®

CURRENTLY IN THE FRASER VALLEY

REAL ESTATE BOARD IT IS A BALANCED MARKET FOR TOWNHOME STYLE HOMES.

360 Townhome style homes sold in the Fraser Valley Real Estate Board in May 2022. This represents a decrease of 28 unit sales, or -7% when compared to the 388 sales observed last month. When comparing the current months sales (360 sales) to the 703 sales observed in May of 2021, sales have decreased by 343 units, or -49%.

1236 Townhome style homes were available for purchase in the Fraser Valley Real Estate Board in May 2022; this represents an increase of 167 units, or 16%, when compared to the 1069 units observed in inventory last month. When comparing this months inventory (1236 units) to the 836 units of available inventory observed in May of 2021, inventory has increased by 400 units, or 48%.

0 100 200 300 400 500 600 700 800 900 January February March April May June July August September October November December SALES
2022 2017 2018 2019 2020 2021 0 200 400 600 800 1000 1200 1400 1600 January February March April May June July August September October November December INVENTORY
2022 2017 2018 2019 2020 2021 Fifth Avenue - Townhome 6 Source: Fraser Valley Real Estate Board - REALTORS ® Source: Fraser Valley Real Estate Board - REALTORS ®
TOWNHOME
Chart 5: FVREB Townhome Sales Chart 6: FVREB Townhome Inventory
$883,329 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000 $1,000,000 $1,100,000 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2016 2017 2018 2019 2020 2021 2022 AVERAGE PRICE Chart 7: Historical Townhome Average Sales Price FRASER VALLEY REAL ESTATE BOARD TOWNHOME AVERAGE PRICE MAY 2022 Fifth Avenue - Townhome 7 Source: Fraser Valley Real Estate Board - REALTORS ®

$883,329 is the average price for a Townhome style home sold in May 2022; this represents a decrease of $46,138 in the average sales price, or -5% when compared to the average price of sales observed last month ($929,467). When comparing the current months average sale price ($883,329) to the average sale price $724,420 observed in May of 2021, the sale price has increased by $158,909, or 22%.

When looking at May YTD Townhome sales for each respective year since 2015, 2022 sales currently rank 4th.

0 500 1000 1500 2000 2500 3000 3500 4000 May 2016 YTD May 2017 YTD May 2018 YTD May 2019 YTD May 2020 YTD May 2021 YTD May 2022 YTD SALES (YTD) Chart 8: FVREB Townhome Sales YTD Comparison SALES Fifth Avenue - Townhome 8 Source Fraser Valley Real Estate Board - REALTORS ®

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

452 Condominium style homes sold in the Fraser Valley Real Estate Board in May 2022. This represents a decrease of 100 unit sales, or -18% when compared to the 552 sales observed last month. When comparing the current months sales (452 sales) to the 781 sales observed in May of 2021, sales have decreased by 329 units, or -42%.

1217 Condominium style homes were available for purchase in the Fraser Valley Real Estate Board in May 2022; this represents an increase of 222 units, or 22%, when compared to the 995 units observed in inventory last month. When comparing this months inventory (1217 units) to the 1277 units of available inventory observed in May of 2021, inventory has decreased by 60 units, or -5%.

Fifth Avenue - Condominium 9
CONDOMINIUM
Source: Fraser Valley Real Estate Board - REALTORS ® Source: Fraser Valley Real Estate Board - REALTORS ®
0 100 200 300 400 500 600 700 800 900 January February March April May June July August September October November December SALES
2022 2017 2018 2019 2020 2021 0 200 400 600 800 1000 1200 1400 1600 1800 2000 January February March April May June July August September October November December INVENTORY
Chart 9: FVREB Condominium Sales
2022 2017 2018 2019 2020 2021
Chart 10: FVREB Condominium Inventory
$562,675 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 $450,000 $500,000 $550,000 $600,000 $650,000 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2016 2017 2018 2019 2020 2021 2022 AVERAGE PRICE Chart 11: Historical Condominium
Average Sales Price
Fifth Avenue - Condominium 10 Source: Fraser Valley Real Estate Board - REALTORS ®
FRASER VALLEY REAL ESTATE BOARD CONDOMINIUM AVERAGE PRICE MAY 2022

$562,675 is the average price for a Condominium style home sold in May 2022; this represents a decrease of $43,247 in the average sales price, or -7.1% when compared to the average price of sales observed last month ($605,922). When comparing the current months average sale price ($562,675) to the average sale price $462,150 observed in May of 2021, the sale price has increased by $100,525, or 22%.

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

0 500 1000 1500 2000 2500 3000 3500 May 2016 YTD May 2017 YTD May 2018 YTD May 2019 YTD May 2020 YTD May 2021 YTD May 2022 YTD SALES (YTD) Chart 12: FVREB Condominium Sales YTD Comparison SALES Fifth Avenue - Condominium 11 Source: Fraser Valley Real Estate Board - REALTORS ®
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