April 2022 Real Estate Market Update for the Fraser Valley

It was an interesting month for sure! For the 1st time since June 2020, when we were in the middle of the pandemic, property sales have dropped below the 10-year average!

Sales have dropped by 36.6% from March to April and New Listings have also dropped by 20.9%. Usually, in a normal spring market, we see the opposite where there is an influx of new listings. It’s a little early to say whether this trend will continue.

Across Fraser Valley, in April, the average number of days to sell a single-family detached home was 16 and a townhome was 13 days. Apartments took, on average, 13 days to sell.

MLS® HPI Benchmark Price Activity

Detached: At $1,731,000 | increased 0.2% compared to March 2022 | increased 33.8% compared to April 2021.
Townhomes: At $902,500 | increased 1.8% compared to March 2022 | increased 38.3% compared to April 2021.
Apartments: At $649,500| increased 1.0% compared to March 2022 | increased 35.6% compared to April 2021.

If you are looking to sell or buy, please give us a call and we'll be happy to help you navigate through the market!

PJ 604-725-1258 | Razaik 604-537-8447