Eye on the Market: September 2023

Below is the latest video update on the state of the housing market by the Fraser Valley Real Estate Board. My key takeaways from this month's board video on residential real estate activity include:

• Greater talk in the financial media of "higher for longer" interest rates may be prompting more sellers to list their properties for sale
• September 2023 sales slowed (were lower) compared to the month prior, lower by 14%. However, September sales were up 23% compared to September of 2022
• At month end September 2023, the number of active listings at 6,532 was up 4% compared to August, giving buyers more options. Notably, active listings were also up 13% compared to a year earlier. This is giving some pressure relief to a market that has been notoriously light on active inventory on market in recent years.
• New listings in September totalled 2,860 which was up by 9% compared to August and up 26% compared to September 2022
• Benchmark prices for detached houses, townhouses and apartments held fairly steady compared to the month prior.
• The sales-to-active listing ratios were 14% for single-family detached houses, 31% for townhouses and 25% for apartments. This indicates it had been a seller's market for townhouses and apartments, while single-family detached houses in the Fraser Valley were in balanced territory.

For a more detailed look at residential real estate activity in the Fraser Valley housing markets of North Delta, Surrey, South Surrey, Langley, Abbotsford and Mission, please consider keeping an eye out for my monthly newsletter.