{"id":19906,"date":"2022-05-05T10:10:00","date_gmt":"2022-05-05T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=19906"},"modified":"2022-05-03T13:23:37","modified_gmt":"2022-05-03T20:23:37","slug":"slowing-of-sales-combined-with-new-listings-help-restore-balance-in-fraser-valley","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/05\/slowing-of-sales-combined-with-new-listings-help-restore-balance-in-fraser-valley\/","title":{"rendered":"Slowing of Sales Combined with New Listings Help Restore Balance in Fraser Valley"},"content":{"rendered":"<p style=\"text-align: justify;\">SURREY, BC \u2013 Property sales in the Fraser Valley decreased by over 35% 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.<\/p>\n<p style=\"text-align: justify;\">In April, the Fraser Valley Real Estate Board (FVREB) processed 1,637 sales on its Multiple Listing Service\u00ae (MLS\u00ae), a decrease of 45.7% compared to April 2021 and a 36.6% decrease compared to March.<\/p>\n<p style=\"text-align: justify;\">\u201cWe would typically see a flurry of activity around this time of the year,\u201d said, FVREB President, Sandra Benz, \u201chowever that\u2019s not been the case so far. While it\u2019s 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.\u201d<\/p>\n<p style=\"text-align: justify;\">Last month, the Board received 3,622 new listings, a decrease of 27.8% compared to April 2021, and a decrease of 20.9% compared to March 2022. The total month-end active inventory in April was 5,387, 14.6% higher than in March.<\/p>\n<p style=\"text-align: justify;\">\u201cIn an effort to stem inflation worries, the government has moved quickly to implement interest rate hikes,\u201d added FVREB CEO Baldev Gill. \u201cIn fact, we\u2019re already back to rate levels we haven\u2019t 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.\u201d<\/p>\n<p style=\"text-align: justify;\">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.<\/p>\n<p style=\"text-align: justify;\"><strong>MLS\u00ae HPI Benchmark Price Activity<\/strong><\/p>\n<p style=\"text-align: justify;\">Single Family Detached : At $1,731,000, the Benchmark price for an FVREB single-family detached home increased 0.2% compared to March 2022 and increased 33.8% compared to April 2021.<br \/>\nTownhomes : At $902,500, the Benchmark price for an FVREB townhome increased 1.8% compared to March 2022 and increased 38.3% compared to April 2021.<br \/>\nApartments : At $649,500 the Benchmark price for an FVREB apartment\/condo increased 1.0% compared to March 2022 and increased 35.6% compared to April 2021.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/fvreb.bc.ca\/statistics\/Package202204.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to view the April 2022 stats package.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.fvreb.bc.ca\/statistics\/fvreb-posts-record-volume-of-new-listings-in-february-2-2\/\" target=\"_blank\" rel=\"noopener\">Fraser Valley Sales Dip Below 10-Year Average for First Time in Nearly Two Years<\/a> by FVREB<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SURREY, BC \u2013 Property sales in the Fraser Valley decreased by over 35% in April 2022 compared to the previous month, and while the figure is still the sixth-highest April &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2022\/05\/slowing-of-sales-combined-with-new-listings-help-restore-balance-in-fraser-valley\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-19906","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Slowing of Sales Combined with New Listings Help Restore Balance in Fraser Valley &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2022\/05\/slowing-of-sales-combined-with-new-listings-help-restore-balance-in-fraser-valley\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Slowing of Sales Combined with New Listings Help Restore Balance in Fraser Valley &#8226; 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