October 2022 - Fraser Valley Real Estate Market Snapshot

REAL ESTATE MARKET SNAPSHOT THE FRASER VALLEY

OCTOBER 2022

Jamie Squires - Fifth Avenue Real Estate Marketing Ltd.

FRASER VALLEY REAL ESTATE BOARD

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/

TABLE OF CONTENTS

Click on a housing type below to get started…

SINGLE FAMILY

TOWNHOME

CONDOMINIUM

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SINGLE FAMILY

CURRENTLY IN THE FRASER VALLEY

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

290 Single Family style homes sold in the Fraser Valley Real Estate Board in October 2022. This represents an increase of 5 unit sales, or 2% when compared to the 285 sales observed last month. When comparing the current month's sales (290 sales) to the 699 sales observed in October of 2021, sales have decreased by 409 units, or -59%.

2011 Single Family style homes were available for purchase in the Fraser Valley Real Estate Board in October 2022; this represents a decrease of 103 units, or -5% when compared to the 2114 units observed in inventory last month. When comparing this months inventory (2011 units) to the 1148 units of available inventory observed in October of 2021, inventory has increased by 863 units, or 75%.

Chart 1: FVREB Single Family Sales

Chart 2: FVREB Single Family Inventory

FRASER VALLEY REAL ESTATE BOARD SINGLE FAMILY AVERAGE PRICE OCTOBER 2022

$1,391,690 is the average price for a Single Family style home sold in October 2022. This represents a decrease of $2,986 in the average sales price, or -0.2% when compared to the average price of sales observed last month ($1,394,676). When comparing the current months average sale price ($1,391,690) to the average sale price $1,545,712 observed in October of 2021, the sale price has decreased by $1,545,712, or10%. When looking at October YTD Single Family sales for each respective year since 2015, 2022 sales currently rank 7th.

CURRENTLY IN THE FRASER VALLEY

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

246 Townhome style homes sold in the Fraser Valley Real Estate Board in October 2022. This represents an increase of 10 unit sales, or 4% when compared to the 236 sales observed last month. When comparing the current months sales (246 sales) to the 505 sales observed in October of 2021, sales have decreased by 259 units, or -51%.

958 Townhome style homes were available for purchase in the Fraser Valley Real Estate Board in October 2022; this represents a decrease of 119 units, or -11% when compared to the 1077 units observed in inventory last month. When comparing this months inventory (958 units) to the 405 units of available inventory observed in October of 2021, inventory has increased by 553 units, or 137%.

Chart 5: FVREB Townhome Sales

Chart 6: FVREB Townhome Inventory

$778,757 is the average price for a Townhome style home sold in October 2022; this represents a decrease of $19,599 in the average sales price, or -2.5% when compared to the average price of sales observed last month ($798,356). When comparing the current months average sale price ($778,757) to the average sale price $791,748 observed in October of 2021, the sale price has decreased by $791,748, or -2%.

When looking at October YTD Townhome sales for each respective year since 2015, 2022 sales currently rank 5th.

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

278 Condominium style homes sold in the Fraser Valley Real Estate Board in October 2022. This represents a decrease of 2 unit sales, or -1% when compared to the 280 sales observed last month. When comparing the current months sales (278 sales) to the 556 sales observed in October of 2021, sales have decreased by 278 units, or -50%.

1268 Condominium style homes were available for purchase in the Fraser Valley Real Estate Board in October 2022; this represents an increase of 5 units, or 0%, when compared to the 1263 units observed in inventory last month. When comparing this months inventory (1268 units) to the 771 units of available inventory observed in October of 2021, inventory has increased by 497 units, or 64%.

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 OCTOBER 2022

$522,385 is the average price for a Condominium style home sold in October 2022; this represents a decrease of $2,952 in the average sales price, or -0.6% when compared to the average price of sales observed last month ($525,337). When comparing the current months average sale price ($522,385) to the average sale price $500,185 observed in October of 2021, the sale price has increased by $22,200, or 4%.

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