Buyers increasingly have time, selection, and price negotiation on their side in the Fraser Valley market. With more than 10,000 active listings and a sales-to-active listings ratio of 10 per cent, buyers are enjoying a selection of homes and favourable market conditions not seen in more than a decade.
Yet with buyer’s market conditions setting in, Fraser Valley sales were the lowest for April in the past 10 years — second only to the start of the pandemic in 2020.
The Board recorded 1,043 sales in April, up 0.7 per cent from March, but down 29 per cent year-over-year. Sales continue to lag, 41 per cent below the 10-year seasonal average.
New listings dipped one per cent in April to 3,762, a decrease of five per cent year-over-year, but still 10 per cent above the 10-year average.
Inventory continues to build, with 10,046 active listings on the market, up nine per cent from March, up 37 per cent year-over-year and 58 per cent above the 10-year average.
Sales-to-Active Ratio
Detached: 9% (down 1% from March)
Townhouses: 16% (down 3% from March)
Apartments: 14% (no change from March)
Benchmark Prices
The composite Benchmark price in the Fraser Valley remains relatively stable, down 0.2 per cent from March, to $972,700.
Change in price: month-to-month
Detached: $1,506,600 +0.1%
Townhouse: $833,100 -0.1%
Apartments: $537,800 -0.6%
Days on Market
Across the Fraser Valley in April, the average number of days to sell a single-family detached home was 32, while for both townhomes and condos it was slightly lower at 29 days
To learn more about HPI Benchmark prices by sub-area, click here. For a more detailed look at the Fraser Valley market, watch Eye on the Market or click here to view the Monthly Statistics Package.