March 2022 Market Update!
For the 3rd consecutive month, new listings in the Fraser Valley continued to rise giving buyers more homes to choose from. This has helped increase active inventory. The board received 4580 new listings in March which is 22.4% higher than February. Even with all the new listings coming to the market, prices were still up.
Single Family Homes: $1,726,900 up 3.4% from February,
Townhomes: $886,400 up 5.4% from February &
Condos: $643,000 up 4.6% from February.
On average, Single Family Homes took 12 days to sell, Townhomes took 14 days and Condos took 11 days to sell.
Overall, sales were strong even as more and more listings hit the market. We are hopeful that this will continue and result in slower price growth. It was also good to see less open house traffic and fewer multiple offers.
To reach a balanced market, it is important that we have an enough supply of homes. For more information or if you’re looking to make a move, please give us a call and we’ll be happy to help!
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