August 2022 Real Estate Market Update for the Fraser Valley

August 2022 Fraser Valley Real Estate Market Update!

In the past few months, there has been the trend of inventory increasing and sales slowing. 
What’s interesting is that in August, it actually flipped! The market was more active than it has been earlier in
the summer, and it showed in the sales.

The Fraser Valley Real Estate Board processed 1,017 sales which was an increase of 2.4% from July.

For listings, the Board received 2,045 new listings which is a 14.3% drop from July. Total active listings also dropped by 8.5%. Active inventory dropping is due to a combination of higher sales but more importantly the drop in new, fresh listings coming to the market.

Everything that has happened in the past few months has taken to where we are today which is a balanced market. The sales to active listings ratio was at 17% in August – which falls between the 12% and 20% threshold.

Ultimately, it took 3 months of inventory rising and sales slowing for this market to be balanced. It just goes to show how crazy the real estate market really was at its peak earlier this year.

MLS HPI Benchmark Price -> Detached: $1,513,500| Townhomes: $841,900| Condos: $542,000 
Average Days on Market -> Detached: 33 days| Townhomes: 26 days| Condos: 25 days 

Whether you’re looking for an investment, a 1st time homebuyer, or even looking to upsize/downsize, there is an opportunity for you to make that move, so please give us a call and we’d be happy to help!

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