August 2023 - Fraser Valley Real Estate Market Snapshot Publication

Page 1

REAL ESTATE MARKET SNAPSHOT THE

AUGUST 2023

MANAGING BROKER
PRESIDENT &
Jamie Squires - Fifth Avenue Real Estate Marketing Ltd.
FRASER VALLEY
AUGUST 2023
FRASERVALLEYREALESTATEBOARD

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/

1 Fifth Avenue - Introduction

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

CURRENTLY IN THE FRASERVALLEY REALESTATEBOARD ITISA BALANCED MARKETFORSINGLEFAMILY STYLE HOMES.

388 Single Family style homes sold in the Fraser Valley Real Estate Board in August 2023. This represents a decrease of 14 unit sales, or -3% when compared to the 402 sales observed last month. When comparing the current month's sales (388 sales) to the 315 sales observed in August of 2022, sales have increased by 73 units, or 23%.

2477 Single Family style homes were available for purchase in the Fraser Valley Real Estate Board in August 2023; this represents an increase of 51 units, or 2%, when compared to the 2426 units observed in inventory last month. When comparing this months inventory (2477 units) to the 2231 units of available inventory observed in August of 2022, inventory has increased by 246 units, or 11%.

0 200 400 600 800 1000 1200 1400 1600 January February March April May June July August September October November December SALES
2023 2018 2019 2020 2021 2022 0 500 1000 1500 2000 2500 3000 3500 January February March April May June July August September October November December INVENTORY
Chart 1: FVREB Single Family Sales
2023 2018 2019 2020 2021 2022 Fifth Avenue – Single Family 3 Source: Fraser Valley Real Estate Board - REALTORS ® Source: Fraser Valley Real Estate Board - REALTORS ®
Chart 2: FVREB Single Family Inventory

FRASER VALLEY REAL ESTATE BOARD SINGLE FAMILY AVERAGE PRICE

$1,561,351 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 $1,600,000 $1,800,000 $2,000,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2017 2018 2019 2020 2021 2022 2023 AVERAGE PRICE Chart 3: Historical Single Family Average Sales Price
Fifth Avenue – Single Family 4 Source: Fraser Valley Real Estate Board - REALTORS ®
AUGUST 2023

$1,561,351 is the average price for a Single Family style home sold in August 2023. This represents an increase of $15,673 in the average sales price, or 1% when compared to the average price of sales observed last month ($1,545,678). When comparing the current months average sale price ($1,561,351) to the average sale price $1,458,424 observed in August of 2022, the sale price has increased by $102,927, or 7%.

When looking at August YTD Single Family sales for each respective year since 2015, 2023 sales currently rank 7th.

0 1000 2000 3000 4000 5000 6000 7000 8000 9000 August 2017 YTDAugust 2018 YTDAugust 2019 YTD August 2020 YTDAugust 2021 YTDAugust 2022 YTD August 2023 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 FRASERVALLEY

REALESTATEBOARD ITISA SELLERS MARKETFORTOWNHOMESTYLE HOMES.

316 Townhome style homes sold in the Fraser Valley Real Estate Board in August 2023. This represents a decrease of 57 unit sales, or -15% when compared to the 373 sales observed last month. When comparing the current months sales (316 sales) to the 282 sales observed in August of 2022, sales have increased by 34 units, or 12%.

839 Townhome style homes were available for purchase in the Fraser Valley Real Estate Board in August 2023; this represents an increase of 7 units, or 1%, when compared to the 832 units observed in inventory last month. When comparing this months inventory (839 units) to the 1092 units of available inventory observed in August of 2022, inventory has decreased by 253 units, or -23%.

0 100 200 300 400 500 600 700 800 900 January February March April May June July August September October November December SALES
Townhome
2023 2018 2019 2020 2021 2022 0 200 400 600 800 1000 1200 1400 1600 January February March April May June July August September October November December INVENTORY
TOWNHOME
Chart 5: FVREB
Sales
2023 2018 2019 2020 2021 2022 Fifth Avenue - Townhome 6 Source: Fraser Valley Real Estate Board - REALTORS ® Source: Fraser Valley Real Estate Board - REALTORS ®
Chart 6: FVREB Townhome Inventory
$834,696 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000 $1,000,000 $1,100,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2017 2018 2019 2020 2021 2022 2023 AVERAGE PRICE Chart 7: Historical Townhome Average Sales Price FRASER VALLEY REAL ESTATE BOARD TOWNHOME AVERAGE PRICE AUGUST 2023 Fifth Avenue - Townhome 7 Source: Fraser Valley Real Estate Board - REALTORS ®

$834,696 is the average price for a Townhome style home sold in August 2023; this represents a decrease of $11,985 in the average sales price, or -1.4% when compared to the average price of sales observed last month ($846,681). When comparing the current months average sale price ($834,696) to the average sale price $810,038 observed in August of 2022, the sale price has increased by $24,658, or 3%.

When looking at August YTD Townhome sales for each respective year since 2015, 2023 sales currently rank 6th.

0 1000 2000 3000 4000 5000 6000 August 2017 YTD August 2018 YTD August 2019 YTD August 2020 YTD August 2021 YTD August 2022 YTD August 2023 YTD SALES (YTD) Chart 8: FVREB Townhome Sales YTD Comparison SALES Fifth Avenue - Townhome 8 Source Fraser Valley Real Estate Board - REALTORS ®

CONDOMINIUM

CURRENTLY IN THE FRASERVALLEY REALESTATEBOARD ITISA BALANCED MARKETFORCONDOMINIUM STYLE HOMES.

414 Condominium style homes sold in the Fraser Valley Real Estate Board in August 2023. This represents a decrease of 48 unit sales, or -10% when compared to the 462 sales observed last month. When comparing the current months sales (414 sales) to the 305 sales observed in August of 2022, sales have increased by 109 units, or 36%.

1311 Condominium style homes were available for purchase in the Fraser Valley Real Estate Board in August 2023; this represents an increase of 36 units, or 3%, when compared to the 1275 units observed in inventory last month. When comparing this months inventory (1311 units) to the 1208 units of available inventory observed in August of 2022, inventory has increased by 103 units, or 9%.

Fifth Avenue - Condominium 9
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
2023 2018 2019 2020 2021 2022 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
2023 2018 2019 2020 2021 2022
Chart 10: FVREB Condominium Inventory
$557,198 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 $450,000 $500,000 $550,000 $600,000 $650,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2017 2018 2019 2020 2021 2022 2023 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 AUGUST 2023

$557,198 is the average price for a Condominium style home sold in August 2023; this represents a decrease of $1,890 in the average sales price, or -0.3% when compared to the average price of sales observed last month ($559,088). When comparing the current months average sale price ($557,198) to the average sale price $539,217 observed in August of 2022, the sale price has increased by $17,981, or 3%.

When looking at August YTD Condominium sales for each respective year since 2015, 2023 sales currently rank 4th.

0 1000 2000 3000 4000 5000 6000 August 2017 YTDAugust 2018 YTDAugust 2019 YTDAugust 2020 YTDAugust 2021 YTDAugust 2022 YTDAugust 2023 YTD SALES (YTD) Chart 12: FVREB Condominium Sales YTD Comparison SALES Fifth Avenue - Condominium 11 Source: Fraser Valley Real Estate Board - REALTORS ®
#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:

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