Sales continued to soften in September thanks to sustained high interest rates. Home sales were 23 per cent below the 10-year average, the eighth slowest September in the Fraser Valley in a decade.
And while many members are seeing slowing sales first-hand — down 14 per cent month-over-month — the market also saw an increase in inventory in September.
New listings rose 9.1 per cent last month — 4 per cent above the 10-year average. Active listings were also up in September, up 3.5 per cent month-over-month.
The rise in new and active listings, combined with a drop in sales, has the overall sales-to-active-listings ratio at 17 per cent — within balanced market range of 12 – 20 per cent. The market for detached homes softened again in September, with a sales-to-active-listings ratio of 14 per cent. Demand for townhomes and condos remained stronger at 31 per cent and 25 per cent respectively.
Benchmark prices for all home types in the Fraser Valley dipped slightly in September, down 0.8 per cent, but up 2 per cent year-over-year.
To learn more about FVREB Market Data for September, watch Eye on the Market with Board Chair Narinder Bains.
For a more detailed look at our market, click here to view the Monthly Statistics Package.