Here is the real estate market update for the Fraser Valley in July 2022!
For the 4th consecutive month, property sales have dropped! This was something we noticed in our weekly market stats as it was a 22.5% drop from June 2022. We have seen weaker buyer demand these past few months and part of that is due to the increase in interest rates.
New listings have also dropped by 28.4% and active listings have remained relatively the same as June.
This is bringing the townhome and single-family homes sector to a balanced market. Townhomes are at 18% sales to active ratio and single family is at 12%. Remember that a balanced real estate market is anywhere between 12-20%. Anything below 12% is a buyer’s market and anything above 20% is a seller’s market.
Obviously 3 months ago we were at a crazy market and prices were at a high. Now 3 months later, we are seeing home prices drop by 10.2% from its peak in March. Depending on where you live, this number will vary.
MLS HPI Benchmark Price
Detached: $1,594,400
Townhomes: $876,500
Condos: $553,400
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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