Here is the real estate market update for the Fraser Valley in May 2022!
This is a public service announcement: DON’T PANIC! The sky is not falling.
The real estate market is just cooling off. This is something we predicted in the last few months and its finally coming into effect.
What we are starting to see in the Fraser Valley market is a more calm, relaxed market where it’s not a race to see who can place the highest offer in the fastest time. That sounds crazy right and let me tell how crazy it really got.
A balanced real estate market is when the sales to active listings ratio is between 12-20%. Anything below 12% is a buyer’s market and anything above 20% is a seller’s market. During the pandemic, that ratio peaked at 92%. That’s the strongest sellers market ever! In the last few months, we have seen the ratio slowly drop and in May 2022, it was at 22% - comparable to pre-pandemic conditions in early 2020.
If you are buyer, this is great news because you do not have to stand in line to overbid over the listing price for the most expensive asset in your life.
For the 1st time since September 2019, benchmark prices for single family detached, townhomes and condos have all dropped in price from the previous month.
Single family homes dropped by 2.4%, townhomes dropped by 1.4% and condos dropped by 1.1%.
MLS HPI Benchmark Price
Detached: $1,712,500
Townhomes: $918,900
Condos: $581,400
Ultimately, this is not the time to panic. This is the time to see how you can take advantage of this real estate market, whether you are a 1st time homeowner, looking to upsize or even downsize.
Please give us a call anytime and well happily guide you throughout the process!
PJ @ 604-725-1258 | Razaik @ 604-537-8447
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