FRASER VALLEY REAL ESTATE BOARD OCTOBER 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.
“
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
1
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
2
SINGLE FAMILY
2019
2020
2021
2022
1200
1000
318 Single Family style homes sold in the Fraser Valley Real Estate Board in October 2023. This represents a decrease of 34 unit sales, or -10% when compared to the 352 sales observed last month. When comparing the current month's sales (318 sales) to the 290 sales observed in October of 2022, sales have increased by 28 units, or 10%.
800
600
400
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
2560 Single Family style homes were available for purchase in the Fraser Valley Real Estate Board in October 2023; this represents a decrease of 20 units, or -1% when compared to the 2580 units observed in inventory last month. When comparing this months inventory (2560 units) to the 2011 units of available inventory observed in October of 2022, inventory has increased by 549 units, or 27%.
2018
1400
SALES
CURRENTLY IN THE FRASER VALLEY REAL ESTATE BOARD IT IS A BUYERS 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
3
FRASER VALLEY REAL ESTATE BOARD SINGLE FAMILY AVERAGE PRICE
OCTOBER 2023
$2,000,000
$1,800,000
$1,533,748
$1,600,000
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
4
$1,533,748 is the average price for a Single Family style home sold in October 2023. This represents a decrease of $25,208 in the average sales price, or -1.6% when compared to the average price of sales observed last month ($1,558,956). When comparing the current months average sale price ($1,533,748) to the average sale price $1,391,690 observed in October of 2022, the sale price has increased by $142,058, or 10%. When looking at October YTD Single Family sales for each respective year since 2015, 2023 sales currently rank 7th.
SALES 10000 9000 8000
SALES (YTD)
7000 6000 5000 4000
3000 2000 1000 0 October 2017 YTD
October 2018 YTD
October 2019 YTD
October 2020 YTD
October 2021 YTD
October 2022 YTD
October 2023 YTD
Chart 4: Single Family Sales YTD Comparison Source: Fraser Valley Real Estate Board - REALTORS ®
Fifth Avenue – Single Family
5
TOWNHOME
2018
2019
2020
2021
2022
800
700
600
SALES
CURRENTLY IN THE FRASER VALLEY REAL ESTATE BOARD IT IS A BALANCED MARKET FOR TOWNHOME STYLE HOMES.
2023 900
218 Townhome style homes sold in the Fraser Valley Real Estate Board in October 2023. This represents a decrease of 60 unit sales, or 22% when compared to the 278 sales observed last month. When comparing the current months sales (218 sales) to the 246 sales observed in October of 2022, sales have decreased by 28 units, or -11%.
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
897 Townhome style homes were available for purchase in the Fraser Valley Real Estate Board in October 2023; this represents an increase of 13 units, or 1%, when compared to the 884 units observed in inventory last month. When comparing this months inventory (897 units) to the 958 units of available inventory observed in October of 2022, inventory has decreased by 61 units, or 6%.
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
6
FRASER VALLEY REAL ESTATE BOARD TOWNHOME AVERAGE PRICE
OCTOBER 2023
$1,100,000
$1,000,000
AVERAGE PRICE
$900,000
$831,655
$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
7
$831,655 is the average price for a Townhome style home sold in October 2023; this represents a decrease of $25,749 in the average sales price, or -3% when compared to the average price of sales observed last month ($857,404). When comparing the current months average sale price ($831,655) to the average sale price $778,757 observed in October of 2022, the sale price has increased by $52,898, or 7%. When looking at October YTD Townhome sales for each respective year since 2015, 2023 sales currently rank 6th. SALES 7000
6000
SALES (YTD)
5000
4000
3000
2000
1000
0 October 2017 YTD
October 2018 YTD
October 2019 YTD
October 2020 YTD
October 2021 YTD
October 2022 YTD
October 2023 YTD
Chart 8: FVREB Townhome Sales YTD Comparison Source: Fraser Valley Real Estate Board - REALTORS ®
Fifth Avenue - Townhome
8
CONDOMINIUM
2018
2019
2020
2021
2022
800
700
600
SALES
CURRENTLY IN THE FRASER VALLEY REAL ESTATE BOARD IT IS A BALANCED MARKET FOR CONDOMINIUM STYLE HOMES.
2023 900
319 Condominium style homes sold in the Fraser Valley Real Estate Board in October 2023. This represents a decrease of 25 unit sales, or -7% when compared to the 344 sales observed last month. When comparing the current months sales (319 sales) to the 278 sales observed in October of 2022, sales have increased by 41 units, or 15%.
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
1427 Condominium style homes were available for purchase in the Fraser Valley Real Estate Board in October 2023; this represents an increase of 36 units, or 3%, when compared to the 1391 units observed in inventory last month. When comparing this months inventory (1427 units) to the 1268 units of available inventory observed in October of 2022, inventory has increased by 159 units, or 13%.
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
9
FRASER VALLEY REAL ESTATE BOARD CONDOMINIUM AVERAGE PRICE
OCTOBER 2023
$650,000 $600,000
$542,450 $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
10
$542,450 is the average price for a Condominium style home sold in October 2023; this represents a decrease of $3,627 in the average sales price, or -0.7% when compared to the average price of sales observed last month ($546,077). When comparing the current months average sale price ($542,450) to the average sale price $522,385 observed in October of 2022, the sale price has increased by $20,065, or 4%. When looking at October YTD Condominium sales for each respective year since 2015, 2023 sales currently rank 4th. SALES 7000
6000
SALES (YTD)
5000
4000
3000
2000
1000
0 October 2017 YTD
October 2018 YTD
October 2019 YTD
October 2020 YTD
October 2021 YTD
October 2022 YTD
October 2023 YTD
Chart 12: FVREB Condominium Sales YTD Comparison Source: Fraser Valley Real Estate Board - REALTORS ®
Fifth Avenue - Condominium
11
#8 - 15243 91 Ave Surrey, BC V3R 8P8 604-583-2212 | homes@fifthave.ca www.fifthave.ca © 2023 Fifth Avenue Real Estate Marketing Ltd. POWERED BY: