Below is a snapshot of home prices in the Fraser Valley residential real estate market for February 2023. This table includes prices for detached houses, townhouses and condos in North Delta, Surrey, Cloverdale, South Surrey, White Rock, Langley, Abbotsford and Mission.
Notably, there has been an increase in prices in some property types ,in some areas during February compared to the month prior. This is an early sign of a possible stabilization in pricing. It is too early to call it a trend, but it is worth watching closely over the next couple of months.
Once again, a lack of new listings is keeping active listings relatively low, in a historical context. We need to see more listings come to market to see a normalization of market conditions.