The strong residential real estate market activity continued into May 2023 in the Fraser Valley. Prices continued to firm up and sales increased yet again, on a monthly basis. The sales to active listings ratio was strong, particularly in the townhouse and apartment segment.
What was notable was the increase in supply of new listings that came online in May. This is a positive for would be buyers, as they will have more selection of homes to choose from. This is much needed relief and a step in the right direction, for a market that has been starved of inventory for sale. Whether this becomes a new trend of more homes coming to market, remains to be seen.
The strong supply trend was met with healthy demand. In May, the Board processed 1,711 sales on its Multiple Listing Service®, a 10.1 per cent increase over last month and a 25.8 per cent jump over May of 2022.
Here are some helpful infographics for the month of May 2023, below: