Navigating the Chill: Fraser Valley Real Estate Market Update for November 2023

As we wrap up the year and head into the holidays, let’s take a look at how the Fraser Valley real estate market is doing in November 2023. Things have been cooling down, with home sales dropping for the fifth month in a row.

 

Home Sales

In November, there were 891 home sales in the Fraser Valley, which is 8% less than the previous month. This makes it the 9th slowest November for home sales in the past 10 years. New homes coming onto the market also decreased by 20% from October, landing at 2,030. This is a significant 43% drop since the peak in May.

 

Market Trends

Buyers and sellers seem to be taking a pause as we enter the holiday season. Narinder Bains, Chair of the Fraser Valley Real Estate Board, notes that this holding pattern is likely to continue through the winter until we see some changes in interest rates.

 

Active Listings

The number of homes available for sale in November was 6,254, down by 5% from October but up by 17% compared to November 2022. The balance between homes for sale and those being bought is relatively steady, with a 14% sales-to-active listings ratio, indicating balanced conditions overall.

 

Looking Forward

There is an expectation that the trend of slower sales will continue into early 2024, citing seasonality and high-interest rates as contributing factors. Despite a slower market, there are still opportunities for buyers, especially if they work with experienced REALTORS®.

 

Benchmark Prices

Benchmark prices, which give us an idea of the average cost of different types of homes, continued to decrease for the fourth month in a row. Here’s a breakdown:

- Single Family Detached: The average price dropped by 0.94% from October to $1,489,100, but it's still 6.22% higher than November 2022.
  
- Townhomes: The average price decreased by 0.95% to $837,200, with a 5.08% increase compared to November 2022.

- Apartments: The average price saw a marginal drop of 0.02% to $545,300, but it's 5.60% higher than November 2022.​​​​​​​

 

Conclusion

In conclusion, the Fraser Valley real estate market is experiencing a slowdown with fewer home sales, a decrease in new listings, and a continued drop in benchmark prices. As we move into the winter months, it’s crucial for both buyers and sellers to stay informed and consider seeking advice from professional REALTORS® for potential opportunities.

 

If you’re curious about how this market can work to your advantage, we’d be happy to guide you through your real estate journey!

 

Give us a call today and let's start shaping your path to success!