SURREY, British Columbia, Oct. 04, 2022 (GLOBE NEWSWIRE) — Continued slowing gross sales and a slight rise in stock in September mixed to carry better stability to the Fraser Valley housing market.
In September, the Fraser Valley Real Estate Board (FVREB) processed 897 gross sales on its Multiple Listing Service® (MLS®), a lower of 11.8 per cent in contrast to final month and a 51.9 per cent lower in contrast to this time final 12 months.
The Board acquired 2,273 new listings in September, a rise of 11.1 per cent in contrast to August, and solely 2.9 per cent lower than September 2021. The month ended with a complete energetic stock of 5,805, a lower of 1.1 per cent from final month however up by 52.3 per cent in contrast to September 2021. Once once more, September noticed a balanced market within the Fraser Valley with an total sales-to-active ratio of 15 per cent (the market is taken into account balanced when the sales-to-active ratio is between 12 per cent and 20 per cent).
“There’s no question that interest rates continue to be a primary factor in the market trends over the past six months or so,” stated Sandra Benz, President of the Fraser Valley Real Estate Board. “The sales slowdown we’re seeing reflects a level of caution exercised by buyers, who are likely waiting for the market to settle further before jumping in. In the meantime, we anticipate prices may continue to decline across all categories.”
Weaker demand within the face of rate of interest hikes, continued to carry downward stress on Benchmark costs throughout all property classes. Prices have been falling steadily since late spring and, within the case of indifferent houses, are at October 2021 ranges.
“It’s encouraging to see inventories start to rise in the region, however slight,” stated Board CEO Baldev Gill. “Adequate supply is a key underpinning of a vibrant and equitable housing market – not just in the Fraser Valley, but throughout the province. As we meet with candidates during the upcoming municipal elections and later on this month with MPs in Ottawa, FVREB Realtors will continue to press for swift action on this fundamental issue.”
Across the Fraser Valley in September, the typical variety of days spent on the market earlier than promoting continued to improve: 34 days for a single-family indifferent, 32 for townhomes, and 30 for flats.
MLS® HPI Benchmark Price Activity
- Single Family Detached: At $1,462,000, the Benchmark value for an FVREB single-family indifferent residence decreased 3.4 per cent in contrast to August 2022 and elevated 4.1 per cent in contrast to September 2021.
- Townhomes: At $822,400, the Benchmark value for an FVREB townhome decreased 2.3 per cent in contrast to August 2022 and elevated 11.6 per cent in contrast to September 2021.
- Apartments: At $530,400 the Benchmark value for an FVREB house/apartment decreased 2.1 per cent in contrast to August 2022 and elevated 14.5 per cent in contrast to September 2021.
The Fraser Valley Real Estate Board is an affiliation of 4,895 real estate professionals who dwell and work within the BC communities of Abbotsford, Langley, Mission, North Delta, Surrey, and White Rock.
|Lilian Choi, Communications Manager||Telephone 604.930.7656|
|Fraser Valley Real Estate Board||www.fvreb.bc.ca|
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