Home Sales Decline for the Fifth Consecutive Month.

As the holiday season approaches, the Fraser Valley real estate market maintains its cooling trend, with both buyers and sellers observing a holding pattern that persisted throughout the latter half of the year.

Key Highlights:

• Sales and Listings Overview:
  • The Fraser Valley Real Estate Board recorded 891 transactions on its Multiple Listing Service® (MLS®) in November, marking an 8% decrease from the previous month and signifying the 9th slowest November in a decade.
  • New listings also experienced a notable decline, totaling 2,030 and reflecting a 20% drop from October and a substantial 43% decrease since the peak in May at 3,533.
• Market Dynamics Heading into the Holidays:
  • Narinder Bains, Chair of the Fraser Valley Real Estate Board, noted the busy priorities of buyers and sellers as they head into the holiday season, likely contributing to the continued holding pattern. Bains anticipates this trend, characterized by slow sales and declining new listings, to persist through the winter months until there is downward movement in interest rates.
• Active Listings and Market Conditions:
  • Active listings in November totaled 6,254, marking a 5% decrease over the previous month and a 17% increase over November 2022.
  • The sales-to-active listings ratio stood at 14%, indicating balanced conditions in the overall market. Detached houses entered balanced market territory at 12%, while both townhomes and apartments remained in a seller’s market. The market is considered balanced when the ratio is between 12% and 20%.
• Outlook and Opportunities:
  • Baldev Gill, CEO of the Fraser Valley Real Estate Board, acknowledged the impact of seasonality and high-interest rates on sales activity, expecting further slowdowns into early 2024. Gill emphasized that even in a slow market, opportunities exist, advising buyers to collaborate with knowledgeable, professional REALTORS® for expert advice and guidance.
• Average Time on Market:
  • Properties, on average, spent approximately one month on the market, with single-family detached homes lingering for 36 days and townhomes and apartments moving more swiftly at 29 days.
• Benchmark Price Activity (November 2023):
  • Single Family Detached: The Benchmark price for an FVREB single-family detached home stood at $1,489,100, reflecting a 0.94% decrease from October 2023 and a 6.22% increase from November 2022.
  • Townhomes: With a Benchmark price of $837,200, townhomes experienced a 0.95% decrease compared to October 2023 and a 5.08% increase from November 2022.
  • Apartments: The Benchmark price for apartments/condos settled at $545,300, indicating a marginal 0.02% decrease from October 2023 and a noteworthy 5.60% increase from November 2022.

Find the Fraser Valley Real Estate Board Statistics Package here. 

Thanks, 
Sunny Kaler – PREC
REMAX Blueprint Realty