November 2023 Fraser Valley Real Estate Market Update

Understanding the Numbers: The Fraser Valley witnessed a noticeable shift in home sales, marking a fifth consecutive month of decline. In November, a total of 891 sales were reported, representing an 8% decrease from the previous month. This trend positions November as the 9th slowest in the last decade, providing a unique perspective on the current market scenario.

New Listings and Market Dynamics: Accompanying the decline in home sales, new listings also experienced a significant downturn, showcasing a 20% decrease from October. This figure becomes even more pronounced when compared to the peak observed in May, with a staggering 43% lower new listings in November. Understanding these dynamics is crucial for anyone navigating the Fraser Valley real estate market.

Market Conditions and Opportunities: The sales-to-active listings ratio for November stands at 14%, indicating a balanced market condition. Detached houses find themselves in a balanced market, while townhomes and apartments emerge as hot commodities, showcasing a seller's market. For savvy homeowners, this presents a golden opportunity to upgrade and capitalize on the current market situation.

Average Property Turnaround: Intriguingly, properties are spending approximately one month on the market before being sold. This swift turnaround time emphasizes the urgency and potential within the market, particularly for townhome and condo owners looking to make a strategic move.