Trevor Miller

Home prices in the Fraser Valley fell for the tenth consecutive month in January, pushing the Benchmark price below $900,000 for the first time since spring 2021.

The latest stats from the Fraser Valley Real Estate Board show the Benchmark price for a typical home dropped one per cent in January to $897,200, down 6.9 per cent year-over-year.

The continued softening of prices wasn’t enough to get buyers off the sidelines, as the FVREB recorded 619 sales on its Multiple Listing Service® (MLS®) in January, a 33 per cent decrease from December, and 24 per cent below sales from the same month last year. New listings increased 128 per cent in January to 3,078, reflecting the typical seasonal patterns; however, activity remained 10 per cent below last year’s levels.

“January opened the year with negligible momentum,” said Tore Jacobsen, Chair of the Fraser Valley Real Estate Board. “Prices continued to weaken while at the same time selection remains high. Under normal market dynamics, these would be considered highly favourable conditions for buyers, however the uncertainty of the past year or so continues to loom large, subduing buyer confidence and muting overall market activity.”

Overall inventory remains above seasonal norms for the Fraser Valley, with 7,711 active listings, up 11 per cent from December and 54 per cent above the 10-year seasonal average.

The Fraser Valley remains firmly in a buyer’s market, with an overall sales-to-active listings ratio of eight per cent in January, down five per cent from December. A balanced market is typically defined by a ratio between 12 and 20 per cent.

Across the Fraser Valley in January, the average number of days to sell a single-family detached home was 55 days, while for a condo it was 53 days. Townhomes took, on average, 50 days to sell.

Navigating this current market can be challenging for both buyers and sellers, but it doesn’t have to be. With over a decade of local experience I take pride in helping my clients make “the right move”. Contact me anytime at info@trevormillerhomes.com to discuss your options and move with confidence!

Easing prices and abundant inventory weren’t enough to entice buyers to the Fraser Valley market in November, as sales declined in line with seasonal buying patterns.

The Fraser Valley Real Estate Board recorded 943 sales on its Multiple Listing Service® (MLS®) in November, a 16 per cent decrease from October, and 17 per cent below sales from the same month last year.

New listings slowed again in November, down 26 per cent month-over-month and seven per cent year-over-year, to 2,210. Overall inventory remains well above seasonal norms for the Fraser Valley, with 9,201 active listings, down nine per cent from October and 47 per cent above the 10-year seasonal average.

“Affordability concerns and economic pressures are weighing heavily on many Fraser Valley households,” said Tore Jacobsen, Chair of the Fraser Valley Real Estate Board. “Our REALTORS® understand how personal and complex these decisions are. But there are encouraging signs for buyers. Composite prices are closer to early-2023 levels, inventory has improved, and there is more space to negotiate than we’ve had in recent years.”

The Fraser Valley remains firmly in a buyer’s market, with an overall sales-to-active listings ratio of 10 per cent in November, down one per cent from October. A balanced market is typically defined by a ratio between 12 and 20 per cent.

Across the Fraser Valley in November, the average number of days to sell a single-family detached home was 52 days, while for a condo it was 41 days. Townhomes took, on average, 37 days to sell.

Need help navigating this market? Let’s talk.