March 2023 - Fraser Valley Real Estate Market Snapshot

REAL ESTATE MARKET SNAPSHOT

THE FRASER VALLEY

MARCH 2023

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

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This report, and all goods, services, content, data and information subsequently provided are subject to our terms of use, available online at:

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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 BALANCED MARKET FOR SINGLE FAMILY STYLE HOMES.

524 Single Family style homes sold in the Fraser Valley Real Estate Board in March 2023. This represents an increase of 246 unit sales, or 88% when compared to the 278 sales observed last month. When comparing the current month's sales (524 sales) to the 932 sales observed in March of 2022, sales have decreased by 408 units, or -44%.

1520 Single Family style homes were available for purchase in the Fraser Valley Real Estate Board in March 2023; this represents an increase of 77 units, or 5%, when compared to the 1443 units observed in inventory last month. When comparing this months inventory (1520 units) to the 1890 units of available inventory observed in March of 2022, inventory has decreased by 370 units, or -20%.

FRASER VALLEY REAL ESTATE BOARD SINGLE FAMILY AVERAGE PRICE MARCH 2023

$1,451,319 is the average price for a Single Family style home sold in March 2023. This represents an increase of $23,355 in the average sales price, or 1.6% when compared to the average price of sales observed last month ($1,427,964). When comparing the current months average sale price ($1,451,319) to the average sale price $1,787,448 observed in March of 2022, the sale price has decreased by $336,129, or19%. When looking at March YTD Single Family sales for each respective year since 2015, 2023 sales currently rank 7th.

CURRENTLY IN THE FRASER VALLEY

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

391 Townhome style homes sold in the Fraser Valley Real Estate Board in March 2023. This represents an increase of 150 unit sales, or 62% when compared to the 241 sales observed last month. When comparing the current months sales (391 sales) to the 624 sales observed in March of 2022, sales have decreased by 233 units, or -37%.

634 Townhome style homes were available for purchase in the Fraser Valley Real Estate Board in March 2023; this represents a decrease of 34 units, or -5% when compared to the 668 units observed in inventory last month. When comparing this months inventory (634 units) to the 913 units of available inventory observed in March of 2022, inventory has decreased by 279 units, or -31%.

$811,868 is the average price for a Townhome style home sold in March 2023; this represents an increase of $38,758 in the average sales price, or 5% when compared to the average price of sales observed last month ($773,110). When comparing the current months average sale price ($811,868) to the average sale price $967,610 observed in March of 2022, the sale price has decreased by $155,742, or -16%.

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

CONDOMINIUM

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

491 Condominium style homes sold in the Fraser Valley Real Estate Board in March 2023. This represents an increase of 205 unit sales, or 72% when compared to the 286 sales observed last month. When comparing the current months sales (491 sales) to the 803 sales observed in March of 2022, sales have decreased by 312 units, or -39%.

1038 Condominium style homes were available for purchase in the Fraser Valley Real Estate Board in March 2023; this represents a decrease of 10 units, or -1%, when compared to the 1048 units observed in inventory last month. When comparing this months inventory (1038 units) to the 848 units of available inventory observed in March of 2022, inventory has increased by 190 units, or 22%.

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 MARCH 2023

$530,597 is the average price for a Condominium style home sold in March 2023; this represents an increase of $5,983 in the average sales price, or 1.1% when compared to the average price of sales observed last month ($524,614). When comparing the current months average sale price ($530,597) to the average sale price $599,600 observed in March of 2022, the sale price has decreased by $69,003, or -12%.

When looking at March YTD Condominium sales for each respective year since 2015, 2023 sales currently rank 5th.