February 2023 Fraser Valley Housing Market Update

The number of homes sold almost doubled in February in comparison to January. We noticed that trend in our weekly market updates. We think this happened because people are more comfortable with the market conditions as it offered some level of stability in comparison to the highs and lows of last year.

New listings were up by 5.7% while active listings also went up by 7%.

Ultimately, homes that are marketed well and priced correctly are selling and selling fairly quick. The major reason for that is that there aren't enough homes for sale in the market. Good homes sell quick and there isn't enough new listings coming to the market. And that's showing in the numbers.
On average, properties are spending 7-12 fewer days on the market.

As a seller, it really is a great time to get into the market because you won't be competing with many if any homes in your area. You can get good value for your home.

And as a buyer, its important to be pre-approved and ready to jump on a good home that comes to the market. You need to be working with a good mortgage broker and realtor.

If you are looking to know what’s happening in your area, please give us a call or send us a DM and we’d happy to help.

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