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Fraser Valley Real Estate Market Update - November 2022
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If I had to sum up the real estate market here in the Fraser Valley in one word… COMPLICATED.
But don't worry... that’s why I'm here to break down your Fraser Valley market update for the month of October 2022.
At a glance, inventory is down, sales are up (slightly), and benchmark prices are down in some categories while up in others, month over month. I did warn you it was complicated, right?
Of course, with interest rates up again this month, it has become harder to borrow money. This has had the expected effect of slowing sales and dropping prices in general as the Bank of Canada attempts to control the market from the frenzy last year.
➡️ Want to know detailed statistics? Just watch the video :)
As complicated as this may all seem, it is good news in general. With the sales-to-active listing ratio at 16% last month, we are back to a balanced market for the fifth straight month. This comes as a relief to many after an intense seller's market through last year.
That said, when you look at individual house categories, it becomes more, you guessed it, complicated!
For detached homes, the benchmark price was down 1.8% compared to last month. This puts the benchmark price at almost the exact same level it was this time last year, down slightly from a high earlier this year. Sales were up slightly month over month. And the sales-to-active listing ratio for detached homes is slightly lower than average at 14%. All of this points to the market really having stabilized for detached homes, with very little change overall since last month.
For townhomes, the benchmark price is also down again by 1.5%. That still puts it higher than the price at this time last year by almost 8%. When taking into account the sales-to-active listing ratio of 26% for townhomes in the Fraser Valley you can see that there is still big demand for these homes, bucking the trend and making it a seller's market. What does this mean for you? Well now is a good time for both buyers and sellers. Prices are dropping slightly due to the higher interest rates. However, sales are up month over month, as more people look to townhomes as an option, not being able to quite afford to upsize into a detached home just yet.
Balance is the name of the game with condos! The benchmark price was down every so slightly month over month but still up by 11% compared to last year. Sales are also very similar to last month, as is the number of listings available. All this keeps the sales to active listing ratio relatively high at 22%, showing the demand for condos remains, being the most affordable of all home types.
So what does all this mean? With sales continuing to lag and new inventory slow to come onstream, we’re seeing a holding pattern from both buyers and sellers. With interest rates at their highest levels since 2006, it’s understandable that buyers and sellers are hesitant. This is where a great realtor can help you educate yourself on what is the best move for you.
The higher interest rates have made borrowing more expensive. This continues to slow the market for detached homes in particular. However, townhomes and condos still maintain good activity, with more people looking to these options to facilitate their needs.
But I said it was complicated, didn't I? Well, looking at a neighbourhood by neighbourhood level, there are certain pockets for certain property types that are great, whether you are a buyer or a seller. Take Cloverdale, for example. Townhomes and Condos have a sales-to-active listing ratio of 41%! So if you're looking to sell in Cloverdale, well, now is the time for you!
And for buyers, you have great opportunities in Surrey, where detached homes are selling 9% below the asking price on average. Ready to scoop up a deal?
Has your brain melted yet? Well, if you’re buying, selling, or just trying to understand all this a little better. We’re here to help. We offer a complimentary real estate consultation to help educate you on when and where the best move for you is. Don't wait. Reach out today at 604-507-0200
-----
🏆 #1 RE/MAX team in British Columbia!
We are committed to assisting you at every step of the process by providing valuable advice and essential information.
📞 Contact us today: (604) 507-0200
Follow us on social media!
But don't worry... that’s why I'm here to break down your Fraser Valley market update for the month of October 2022.
At a glance, inventory is down, sales are up (slightly), and benchmark prices are down in some categories while up in others, month over month. I did warn you it was complicated, right?
Of course, with interest rates up again this month, it has become harder to borrow money. This has had the expected effect of slowing sales and dropping prices in general as the Bank of Canada attempts to control the market from the frenzy last year.
➡️ Want to know detailed statistics? Just watch the video :)
As complicated as this may all seem, it is good news in general. With the sales-to-active listing ratio at 16% last month, we are back to a balanced market for the fifth straight month. This comes as a relief to many after an intense seller's market through last year.
That said, when you look at individual house categories, it becomes more, you guessed it, complicated!
For detached homes, the benchmark price was down 1.8% compared to last month. This puts the benchmark price at almost the exact same level it was this time last year, down slightly from a high earlier this year. Sales were up slightly month over month. And the sales-to-active listing ratio for detached homes is slightly lower than average at 14%. All of this points to the market really having stabilized for detached homes, with very little change overall since last month.
For townhomes, the benchmark price is also down again by 1.5%. That still puts it higher than the price at this time last year by almost 8%. When taking into account the sales-to-active listing ratio of 26% for townhomes in the Fraser Valley you can see that there is still big demand for these homes, bucking the trend and making it a seller's market. What does this mean for you? Well now is a good time for both buyers and sellers. Prices are dropping slightly due to the higher interest rates. However, sales are up month over month, as more people look to townhomes as an option, not being able to quite afford to upsize into a detached home just yet.
Balance is the name of the game with condos! The benchmark price was down every so slightly month over month but still up by 11% compared to last year. Sales are also very similar to last month, as is the number of listings available. All this keeps the sales to active listing ratio relatively high at 22%, showing the demand for condos remains, being the most affordable of all home types.
So what does all this mean? With sales continuing to lag and new inventory slow to come onstream, we’re seeing a holding pattern from both buyers and sellers. With interest rates at their highest levels since 2006, it’s understandable that buyers and sellers are hesitant. This is where a great realtor can help you educate yourself on what is the best move for you.
The higher interest rates have made borrowing more expensive. This continues to slow the market for detached homes in particular. However, townhomes and condos still maintain good activity, with more people looking to these options to facilitate their needs.
But I said it was complicated, didn't I? Well, looking at a neighbourhood by neighbourhood level, there are certain pockets for certain property types that are great, whether you are a buyer or a seller. Take Cloverdale, for example. Townhomes and Condos have a sales-to-active listing ratio of 41%! So if you're looking to sell in Cloverdale, well, now is the time for you!
And for buyers, you have great opportunities in Surrey, where detached homes are selling 9% below the asking price on average. Ready to scoop up a deal?
Has your brain melted yet? Well, if you’re buying, selling, or just trying to understand all this a little better. We’re here to help. We offer a complimentary real estate consultation to help educate you on when and where the best move for you is. Don't wait. Reach out today at 604-507-0200
-----
🏆 #1 RE/MAX team in British Columbia!
We are committed to assisting you at every step of the process by providing valuable advice and essential information.
📞 Contact us today: (604) 507-0200
Follow us on social media!
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