Courtesy of Dennis Bowles (FV)

Spring sales hold steady in Fraser Valley real estate market

$530,200 apartment DOWN 9.8% year-to-year

$1,442,900 detached DOWN 17.8% year-to-year

4,632 ACTIVE LISTINGS

$808,000 townhouse DOWN 13.3% year-to-year

BENCHMARK PRICES

apartment 1,034 647 townhouse

detached 1,567

1,554 SOLD LISTINGS

34% SALES TO ACTIVE LISTING RATIO

3.0 MONTHS OF INVENTORY

NEW LISTINGS 2,478

BC, May 2, 2023 - Despite persistent inventory shortfalls, housing sales in the Fraser Valley remained steady in April as buyers took advantage of the continued pause in interest rate hikes. In April, the Fraser Valley Real Estate Board (FVREB) processed 1,554 sales on its Multiple Listing Service ® (MLS ® ), virtually unchanged compared to March and a slight decrease of 5.1% compared to April 2022. “Buyers are continuing to find opportunities in the Fraser Valley, even in the face of lower inventories,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “With prices remaining strong, we expect to see inventories increase over the coming months as sellers seek to capitalize on price growth after sitting out for so long.”

The Board received 2,478 new listings in April, off by 3.2% compared to March, and down by 31.6% compared to 2022. The month ended with a total active inventory of 4,632, a 2.2 % increase over March, and 14% less than April 2022. Across Fraser Valley in April, the average number of days to sell a single-family detached home was 25 days; a townhome 23 days and apartments took, on average, 26 days to sell. Low inventories helped nudge prices upward with the composite Benchmark price up by 2.8 per cent to $992,000 and single-family detached homes up by nearly four per cent, month-over-month. Statistics reflect market activity in April 2023 | Source: FVREB ® Fraser Valley Real Estate Board | Market values stated are of the benchmark of Fraser Valley and surrounding region. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

DENNIS BOWLES Real Estate Professional DennisBowles@royallepage.ca

www.DennisBowles.ca Cell 604.671.5371

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