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The Fraser Valley Real
Estate Board (FVREB) processed 898 sales on its Multiple Listing Service®
in February, an increase of 43.5 per cent over January but still only
half as many as were recorded a year ago.
February new listings
were also up, by 5.7 per cent over last month to 1,938 but 48.2 per cent
lower than this time last year. Active listings grew by 7.0 per cent over
January and by 16.3 per cent over February 2022.
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The composite
Benchmark price in February was $946,700 and though relatively flat
compared to January with a negligible gain of 0.5 per cent, it reverses
the price slide the market has been experiencing since April 2022.
Further, while well below the record prices posted at that time, it is
still more than 36 per cent higher than pre-pandemic February 2020.
“In recent months, the
level of uncertainty regarding rates and prices has negatively impacted
inventory and that’s kept a lot of clients on the sidelines,” said Sandra
Benz, President of the Fraser Valley Real Estate Board. “Together with a
growing consensus suggesting that a pause on rate hikes is imminent, the
positive signals from the market give families something to build on and
plan for. As that starts to happen we expect to see sales pick up slowly
but steadily heading into spring.”
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With a sales-to-active
listings ratio of 20 per cent, the overall market was once again in
balance, however the ratio for townhomes was higher at 36 per cent,
indicating a seller’s market for this category. The market is considered
in balance when the ratio is between 12 per cent and 20 per cent.
“All indications
suggest that the market is on track to re-establish a level of stability,
which is encouraging for both demand and supply sides,” said Baldev Gill,
Chief Executive Officer of the Board. “With solid opportunities for
properties that are appropriately priced, investing in the expertise of a
professional REALTOR® should be the first decision buyers and sellers
make to ensure the best local strategies before jumping back into the
market.”
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Properties spent
between 7 and 12 fewer days on the market compared to last month, another
sign that the market may be picking up. Across Fraser Valley in February,
the average number of days to sell a single-family detached home was 36
and a townhome was 33 days. Apartments took, on average, 32 days to sell.
MLS® HPI Benchmark Price Activity
- Single Family Detached: At $1,364,300, the Benchmark
price for an FVREB single-family detached home
increased 0.5 per cent compared to January 2023 and decreased 21.5
per cent compared to February 2022.
- Townhomes: At $776,200, the
Benchmark price for an FVREB townhome increased 0.4 per
cent compared to January 2023 and decreased 13.8 per cent compared
to February 2022.
- Apartments: At $510,100, the
Benchmark price for an FVREB apartment/condo increased
1.3 per cent compared to January 2023 and decreased 10.5 per cent
compared to February 2022.
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