A year-over-year increase in active listings and relatively steady sales activity brought a degree of balance to the Fraser Valley housing market in August, with benchmark home prices up from a year earlier.

The Fraser Valley Real Estate Board (FVREB) processed 1,017 sales on its multiple listing service (MLS) in August, an increase of 2.4% compared to July 2022, but a 51.3% decrease compared to August 2021.

The month ended with a total active inventory of 5,871, down 8.5% from this July, but up 44% compared to August 2021.

August’s overall sales-to-active ratio was 17%, which the FVREB considers a “balanced” market.

“For the past three months we’ve seen the local market return to a more balanced state,” said Board president, Sandra Benz. “With the Fraser Valley continuing to settle after months of record sales and prices, we expect to see more activity this coming fall.”

Fraser Valley Price Changes

• Detached houses : At $1,513,500, the benchmark price for a detached house decreased 5.1% compared to July 2022 and increased 9.8% compared to August 2021.
• Townhomes : At $841,900, the benchmark price for a townhome decreased 3.9% compared to July 2022 and increased 16.1% compared to August 2021.
• Condo apartments : At $542,000 the benchmark price for an apartment condo decreased 2.1% compared to July 2022 and increased 18.4% compared to August 2021.

Fraser Valley Home Prices Up from Last Year as Market “Balances” by Western Investor | BIv