The Fraser Valley Real Estate Board recorded 1,273 sales on its Multiple Listing Service (MLS®) in August 2023, a decrease of 6.9 per cent compared to July. Sales were up 25.2 per cent compared to August 2022.
New listings dropped to 2,622 in August, a decrease of 8.2 per cent over last month, but 28.2 per cent above this time last year. Active listings have been rising since last December and grew again in August by 1.5 per cent to 6,291, just 7 per cent off the ten-year average. This is a key statistic to keep an eye on this fall as rising inventory should help keep a lid on upward price pressure, especially with mortgage rates being where they currently are.
The market for detached homes was balanced in August with a sales-to-active listings ratio of 16 per cent while demand for townhomes and apartments remained strong at 38 per cent and 32 per cent respectively. The market is considered balanced when the sales-to-active-listing ratio is between 12 per cent and 20 per cent.
On average, properties spent two to four weeks on the market before selling, with detached homes spending 25 days on the market, and townhomes and apartments moving slightly more quickly at 16 and 20 days, respectively.
It seems that there is still strong pent-up demand out there. The barrier is affordability for many buyers, due to current mortgage rate levels meeting still high prices.
I will provide a more detailed analysis in my forthcoming monthly newsletter.
If you would like more detailed or area specific information, please don't hesitate to contact me.