June 2023 Fraser Valley Real Estate Market Update

Don’t listen to the media or your uncle when it comes to the real estate market cause they are always going to think the sky is falling. Oh the interest rates went up, the market is going to slow down.

In fact, in June the real estate market in June saw strong sales activity which matched the 10 year average for the month. Over 1,900 sales were processed which was 51% higher than June 2022 and 13.1% higher than May 2023. Despite the interest rate hike, buyers were confident in purchasing real estate.

For listings, over 3,400 new listings were processed in June which is 2.8% higher than last year but 3.1% lower than May 2023. Now you’re wondering what everyone usually asks, what happened to the prices?

The benchmark price for single family homes is $1,526,200 which increased by 2.3% from May 2023. For townhomes, the benchmark price is $845,400, up also 2.3% from May and for condos it is $552,200 which is up 1.8% from May.

The increase in sales matched with the decrease in new listings created an upward pressure in prices which is why they increased. Now these numbers will vary in your neighborhood so if you are looking for more information about what’s happening in your area, send us a DM or give us a call and we’d be happy to help!

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