{"id":21457,"date":"2023-03-06T10:10:00","date_gmt":"2023-03-06T18:10:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=21457"},"modified":"2023-03-02T11:46:26","modified_gmt":"2023-03-02T19:46:26","slug":"the-positive-signals-from-fraser-valley-housing-market-give-home-sellers-buyers-something-to-build-on-plan-for","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/03\/the-positive-signals-from-fraser-valley-housing-market-give-home-sellers-buyers-something-to-build-on-plan-for\/","title":{"rendered":"The Positive Signals from Fraser Valley Housing Market Give Home Sellers &amp; Buyers Something to Build On &amp; Plan For"},"content":{"rendered":"<p style=\"text-align: justify;\">SURREY, BC \u2013 House prices in the Fraser Valley posted a slight but positive bump in February after nearly a year of month-over-month decreases. Similarly, sales, though still trending lower than normal, also recorded their first monthly gain since October.<\/p>\n<p style=\"text-align: justify;\">The Fraser Valley Real Estate Board (FVREB) processed 898 sales on its Multiple Listing Service\u00ae in February, an increase of 43.5% over January but still only half as many as were recorded a year ago.<\/p>\n<p style=\"text-align: justify;\">February new listings were also up, by 5.7% over last month to 1,938 but 48.2% lower than this time last year. Active listings grew by 7.0% over January and by 16.3% over February 2022.<\/p>\n<p style=\"text-align: justify;\">The composite Benchmark price in February was $946,700 and though relatively flat compared to January with a negligible gain of 0.5%, it reverses the price slide the market has been experiencing since April 2022. Further, while well below the record prices posted at that time, it is still more than 36% higher than pre-pandemic February 2020.<\/p>\n<p style=\"text-align: justify;\">\u201cIn recent months, the level of uncertainty regarding rates and prices has negatively impacted inventory and that\u2019s kept a lot of clients on the sidelines,\u201d said Sandra Benz, President of the Fraser Valley Real Estate Board. \u201cTogether with a growing consensus suggesting that a pause on rate hikes is imminent, the positive signals from the market give families something to build on and plan for. As that starts to happen we expect to see sales pick up slowly but steadily heading into spring.\u201d<\/p>\n<p style=\"text-align: justify;\">With a sales-to-active listings ratio of 20%, the overall market was once again in balance, however the ratio for townhomes was higher at 36%, indicating a seller\u2019s market for this category. The market is considered in balance when the ratio is between 12% and 20%.<\/p>\n<p style=\"text-align: justify;\">\u201cAll indications suggest that the market is on track to re-establish a level of stability, which is encouraging for both demand and supply sides,\u201d said Baldev Gill, Chief Executive Officer of the Board. \u201cWith solid opportunities for properties that are appropriately priced, investing in the expertise of a professional REALTOR\u00ae should be the first decision buyers and sellers make to ensure the best local strategies before jumping back into the market.\u201d<\/p>\n<p style=\"text-align: justify;\">Properties spent between 7 and 12 fewer days on the market compared to last month, another sign that the market may be picking up. Across Fraser Valley in February, the average number of days to sell a single-family detached home was 36 and a townhome was 33 days. Apartments took, on average, 32 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 $1,364,300, the Benchmark price for an FVREB single-family detached home increased 0.5% compared to January 2023 and decreased 21.5% compared to February 2022.<br \/>\nTownhomes : At $776,200, the Benchmark price for an FVREB townhome increased 0.4% compared to January 2023 and decreased 13.8% compared to February 2022.<br \/>\nApartments : At $510,100, the Benchmark price for an FVREB apartment\/condo increased 1.3% compared to January 2023 and decreased 10.5% compared to February 2022.<\/p>\n<p><a href=\"https:\/\/www.fvreb.bc.ca\/statistics\/Package202302.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to view the February 2023 stats package.<\/p>\n<p><a href=\"https:\/\/www.fvreb.bc.ca\/statistics\/fraser-valley-real-estate-sales-record-slowest-annual-start-in-ten-years-january-new-listings-lowest-in-over-thirty-years-2\/\" target=\"_blank\" rel=\"noopener\">Signs of Stability in Fraser Valley Create Opportunities for Home Buyers and Sellers<\/a> by FVREB<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SURREY, BC \u2013 House prices in the Fraser Valley posted a slight but positive bump in February after nearly a year of month-over-month decreases. Similarly, sales, though still trending lower &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2023\/03\/the-positive-signals-from-fraser-valley-housing-market-give-home-sellers-buyers-something-to-build-on-plan-for\/\">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-21457","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>The Positive Signals from Fraser Valley Housing Market Give Home Sellers &amp; Buyers Something to Build On &amp; Plan For &#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\/2023\/03\/the-positive-signals-from-fraser-valley-housing-market-give-home-sellers-buyers-something-to-build-on-plan-for\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"The Positive Signals from Fraser Valley Housing Market Give Home Sellers &amp; Buyers Something to Build On &amp; Plan For &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"SURREY, BC \u2013 House prices in the Fraser Valley posted a slight but positive bump in February after nearly a year of month-over-month decreases. Similarly, sales, though still trending lower &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/03\\\/the-positive-signals-from-fraser-valley-housing-market-give-home-sellers-buyers-something-to-build-on-plan-for\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/03\\\/the-positive-signals-from-fraser-valley-housing-market-give-home-sellers-buyers-something-to-build-on-plan-for\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"The Positive Signals from Fraser Valley Housing Market Give Home Sellers &amp; 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