In October, the Fraser Valley Real Estate Board (FVREB) processed 901 sales on its Multiple Listing Service® (MLS®), an increase of 0.4 percent compared to last month and a 53.5 percent decrease compared to this time last year.
The Board received 2,186 new listings in October, a decrease of 3.8 percent compared to September, and on par with October 2021. The month ended with a total active inventory of 5,642, a decrease of 2.8 percent from last month but up 63.7 percent compared to October 2021.
With a sales-to-active listings ratio of 16 percent, the overall market was again balanced for the fifth straight month after a prolonged sellers’ market earlier in the year. (The market is considered balanced when the sales-to-active listings ratio is between 12 percent and 20 percent.)
“These trends suggest that the market is looking to re-establish equilibrium in the wake of last year’s intense activity and in the face of continued interest rate pressures,” said Sandra Benz, President of the Fraser Valley Real Estate Board. “With sales continuing to lag and new inventory slow to come onstream, we’re seeing a holding pattern regarding whether to buy or list a property and expect this to continue through to year-end.”
Prices continued to soften, with month-over-month Benchmark prices down slightly across all property categories. For detached homes, prices are on par with October 2021 levels, while townhomes and apartments are up 7.7 percent and 11.5 percent, respectively, over 2021.
“With interest rates at their highest levels since 2006, it’s understandable that buyers and sellers are hesitant,” said Board CEO Baldev Gill. “Accordingly, they look to Fraser Valley REALTORS® for area knowledge and market expertise and analysis before making such a significant investment decision.”
The average number of days spent on the market before selling was relatively unchanged for detached homes and apartments compared to last month (34 days and 31 days, respectively). Townhomes moved more quickly at 27 days (compared to 32 days in September).
MLS® HPI Benchmark Price Activity
• Single Family Detached: At $1,436,400, the Benchmark price for an FVREB single-family detached home decreased 1.8 percent compared to September 2022 and decreased 0.8 percent compared to October 2021.
• Townhomes: At $809,800, the Benchmark price for an FVREB townhome decreased 1.5 percent compared to September 2022 and increased 7.7 percent compared to October 2021.
• Apartments: At $527,900 the Benchmark price for an FVREB apartment/condo decreased 0.5 percent compared to September 2022 and increased 11.5 percent compared to October 2021.