Here is your November 2022 Real Estate Market Update for the Fraser Valley! Prices are down or are they, new listings are down, and sales are really down!
But don’t worry, that doesn’t mean the sky is falling! There is opportunity in every real estate market. And let me show you how.
In the past 12 months, detached prices have dropped by 6.3%, townhomes are up by 3.3% and condos are up by 5.2%. Think about that for a second, even with the change in market we have had this year alone, taking a step back and looking at the bigger picture shows that it isn’t all doom and gloom.
The townhouse and condo market are at a 21% and 23% Sales to Active Listing ratio so its still just slightly in a seller’s market. Detached homes is at 15% which falls under the balanced market threshold. The average days to sell is still roughly a month for effectively prices homes.
It’s essential that buyers and sellers don’t panic in this market, especially sellers. Who you work with matters to help you upsize, downsize, and when it comes to buying investments.
Give our team a call and lets get it started! PJ @ 604-725-1258 or Razaik @ 604-537-8447