It is a seller's market in the Fraser Valley housing market as of May 2023, based on the previous months housing statistics. There is a lack of active inventory of homes for sale right now. This is putting some upward pressure on prices across types: detached houses, townhomes and condos.
While sales and prices are down compared to the same month in 2022, what's notable is the increasing momentum in the market month-over-month.
The days on market to sell is relatively low across all property types. The sales-to-active listings ratio are incredibly strong also. These stats point to a very strong seller's market right now. As such, if you've been considering listing your home for sale, now might be as good a time as any. There are lots of buyers out there active in the market right now. The resiliency of the market is catching many by surprise. So if you're a seller, why not act now and list?
Here are some key stats for the month of April 2023 and some accompanying commentary:
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