Here is the real estate market update for the Fraser Valley in June 2022!
We are in a different real estate market today. The sooner we realize, the better it is for us as buyers and sellers.
The demand for single-family homes has softened as the number of sales have dropped. Here we have entered a balanced real estate market as the Sales to Active Listings ratio is 15%. Remember that a balanced real estate market is when the ratio is between 12-20%. Anything below 12% is a buyer’s market and anything above 20% is a seller’s market.
The townhome and condo market has also cooled off but not to the same extent as single-family homes. Here the Sales to Active Listings ratio is at 28% for townhomes and 31% for condos which means it is still a seller’s market. It will be interesting to see if this segment follows the same trend as single-family homes.
One thing that has been consistent among all property types is the number of Active Listings. The number of listings that are active and available on the market has increased consistently over the past few months. Buyers have the opportunity to choose from a greater selection of homes.
An increase of active listings along with a decrease in sales and increase in interest rates has caused prices to drop for the 3rd straight month. Single family homes have dropped by 3.5%, townhomes dropped by 2.7% and condos have dropped by 2.2% from May 2022.
MLS HPI Benchmark Price
Detached: $1,653,000
Townhomes: $894,300
Condos: $568,700
On July 13th, interest rates are expected to go up. It is important for buyers to lock in their interest rates ASAP before the rates increase.
If you are thinking about making a move, looking for an investment, or a 1st time homebuyer, please give us a call and let’s plan your next move together!
PJ @ 604-725-1258 | Razaik @ 604-537-8447
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