The Fraser Valley Real Estate Board recorded 1,100 sales on its Multiple Listing Service (MLS®) in September 2023, a decrease of 13.6 per cent compared to August. Sales were up 22.6 per cent compared to September 2022.
New listings rose to 2,860 in September, an increase of 9.1 per cent over last month, but 25.8 per cent above this time last year. Active listings have been rising since last December and grew again in September by 3.8 per cent to 6,532, just 3.5 per cent below 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 September with a sales-to-active listings ratio of 14 per cent while demand for townhomes and apartments remained strong at 31 per cent and 25 per cent respectively. 17 percent was the overall sales-to-active listings ratio. 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 three to four weeks on the market before selling, with detached homes spending 29 days on the market, and townhomes and apartments moving slightly more quickly at 23 and 24 days, respectively.
It seems that there is still strong buyer 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.