Fraser Valley Market Update | May 2023

May 2023 brought exciting developments to the Fraser Valley real estate market, with a surge in new property listings and increased inventory. Let's delve into the key highlights and trends from this month:

More Homes for Sale:

• At 3,533, new listings were just below May 2022 levels (3,631) but slightly higher (2.7%) than the ten-year average for the region. This increase in listings provides buyers with more options and a diverse selection of properties to choose from.

Balancing Market Conditions:

• While we're still in a seller's market, the increased supply of homes is leading to a more balanced market in the Fraser Valley. This balance gives buyers more negotiating power and flexibility when it comes to purchasing a property. Furthermore, it helps to alleviate some of the upward pressure on prices, creating a more sustainable market environment.

Steady Sales Activity:

• Despite the influx of new listings, sales activity in the Fraser Valley remained steady. The market continues to attract strong buyer interest, resulting in a healthy level of sales. This stability signifies ongoing demand and engagement from prospective buyers in the Fraser Valley real estate market.

Moderate Price Growth:

• May 2023 witnessed a moderation in the pace of price growth. Although prices are still rising, the rate of increase has slowed compared to previous months. This moderation can be attributed to the increased supply of listings, which has contributed to a healthier balance between supply and demand. It provides buyers with some relief in terms of affordability concerns.

Check out these snapshots from the Fraser Valley Real Estate Board for a visual representation of May 2023’s market data:

(Source: FVREB Market Data, May 2023)

(Source: FVREB Market Data, May 2023)

(Source: FVREB Market Data, May 2023)

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