Fraser Valley Real Estate Market April 2022

Fraser Valley Real Estate Market April 2022

Fraser Valley sales dip below 10-year average for first time in nearly two years

APRIL 2022 MARKET REPORT

Fraser Valley Real Estate Report

As Jamie quoting Bob Dylan so eloquently stated in our recent Team meeting, The Times They Are A-Changin!

Property sales in the Fraser Valley decreased by over 35% in April 2022 compared to the previous month, marking the first time monthly sales have fallen below the ten-year average since June 2020. Total month-end active Inventory in April was also 14.6% higher than in March.  Less sales + more listings = a return towards balance.  However, please don’t interpret those numbers as all bad.  A balanced market is much more appealing for those looking to move-up or move-down (ie both sell and buy in the same market).  Can you imagine having the luxury of things like 2nd showings, subject conditions, flexible showing times, and simply the time to think and breathe.  Well here’s the market for you 

Give us a shout to learn more. 


See Listed Properties For Sale in Langley BC

If you are considering selling, buying or just have questions about the market, please give us a call today and let’s chat.

GO TO LAST MONTHS STATS



All Fraser Valley Areas Combined

  • Detached – SALES DOWN FROM LAST MONTH: -41.0%
  • Townhouse – SALES DOWN FROM LAST MONTH: -37.8%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -31.3%

Abbotsford

  • Detached – SALES DOWN FROM LAST MONTH: -56.6%
  • Townhouse – SALES DOWN FROM LAST MONTH: -35.0%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -42.9%

Mission

  • Detached – SALES DOWN FROM LAST MONTH: -21.7%
  • Townhouse – SALES FROM LAST MONTH: 0.0%
  • Condo/Apt – SALES UP FROM LAST MONTH: 28.6%

White Rock / South Surrey

  • Detached – SALES DOWN FROM LAST MONTH: -38.1%
  • Townhouse – SALES DOWN FROM LAST MONTH: -38.3%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -18.8%

Langley

  • Detached – SALES DOWN FROM LAST MONTH: -35.1%
  • Townhouse – SALES DOWN FROM LAST MONTH: -28.1%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -36.8%

Delta – North

  • Detached – SALES DOWN FROM LAST MONTH: -39.3%
  • Townhouse – SALES DOWN FROM LAST MONTH: -50.0%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -23.1%

Surrey – Central

  • Detached – SALES DOWN FROM LAST MONTH: -54.6%
  • Townhouse – SALES DOWN FROM LAST MONTH: -45.8%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -30.9%

Surrey – Cloverdale

  • Detached – SALES DOWN FROM LAST MONTH: -6.7%
  • Townhouse – SALES DOWN FROM LAST MONTH: -39.0%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -2.5%

Surrey – North

  • Detached – SALES DOWN FROM LAST MONTH: -38.6%
  • Townhouse – SALES DOWN FROM LAST MONTH: -44.4%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -32.9%

What Does The Fraser Valley Real Estate Board Have To Say?

Fraser Valley sales dip below 10-year average for first time in nearly two years

SURREY, BC –

– Property sales in the Fraser Valley decreased by over 35 per cent in April 2022 compared to the
previous month, and while the figure is still the sixth-highest April on record for the past ten years, it marks the first time monthly sales have fallen below the ten-year average since June 2020.
In April, the Fraser Valley Real Estate Board (FVREB) processed 1,637 sales on its Multiple Listing Service® (MLS®), a decrease of 45.7 per cent compared to April 2021 and a 36.6 per cent decrease compared to March.
“We would typically see a flurry of activity around this time of the year,” said, FVREB President, Sandra Benz, “however that’s not been the case so far. While it’s still too early to say whether this trend will endure, the slowing of sales combined with an increase in active listings is helping to restore a semblance of balance to the market, which is encouraging for homebuyers.”
Last month, the Board received 3,622 new listings, a decrease of 27.8 per cent compared to April 2021, and a decrease of 20.9 per cent compared to March 2022. The total month-end active inventory in April was 5,387, 14.6 per cent higher than in March.
“In an effort to stem inflation worries, the government has moved quickly to implement interest rate hikes,” added FVREB CEO Baldev Gill. “In fact, we’re already back to rate levels we haven’t seen since 2019. This will put an added burden on homebuyers, particularly on first-timers, who will have to meet more stringent stress test conditions. Ultimately, this will likely result in a decrease in demand, which may slow price growth, however it will do little to resolve the underlying issue of low inventory.”
Across Fraser Valley, in April, the average number of days to sell a single-family detached home was 16 and a townhome was 13 days. Apartments took, on average, 13 days to sell.

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MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,731,000, the Benchmark price for an FVREB single-family detached home increased 0.2 per cent compared to March 2022 and increased 33.8 per cent compared to April 2021.
  • Townhomes: At $902,500, the Benchmark price for an FVREB townhome increased 1.8 per cent compared to March 2022 and increased 38.3 per cent compared to April 2021.
  • Apartments: At $649,500 the Benchmark price for an FVREB apartment/condo increased 1.0 per cent compared to March 2022 and increased 35.6 per cent compared to April 2021

Find the February 2022 Statistics Package here.


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