The Fraser Valley Real Estate Board has released it's monthly market video update for February 2023. This is a quick overview of the market conditions, overall, across the region.
Key takeaways are:
- sales rose month over month, for the first time in a long time
- prices ticked up in February compared to January. Again, it's been a while since that's happened
- the sales to active listings ratio at 20% indicates an overall balanced market, with townhomes and apartments being in sellers markets for the month
Stability was the key word mentioned in this video. There may be early signs of stabilization in the residential real estate market here, if interest rates and mortgage rates stay releatively steady in the months ahead.
The spring market will reveal the health of the market and possibly provide clearer indications of market trends moving forward.