Home sales in the Fraser Valley region started 2023 low home sales in January, but have been gaining steam each month. However, supply continues to be a point of concern. FVREB | realestate realestatenews FraserValley homesales
The Fraser Valley recorded a total of 1,935 home sales this past month, according to newThat total represents a 13.1% increase over the 1,711 home sales recorded in, a 51.1% increase compared to June 2022, and is also on par with the 10-year average for June, the board says.
The number of total active listings in the Fraser Valley is now 5,944, which is a 6.9% increase compared to May, but is 8.2% lower than this time last year.The aforementioned statistics allow us to identify the sales-to-new-listings ratio and the sales-to-active-listings ratio, two quantitative indicators of which way the market is currently leaning.
With 1,935 home sales and 3,424 new listings in the Fraser Valley in June, the sales-to-new-listings ratio is now at 56.5%, just into sellers’ market territory. That same number was just 48.4% in May, which would indicate a shift towards favouring sellers, presumably as a result of the low supply.-listings ratio, 12% or lower is viewed as a buyers’ market, 20% or over is viewed as a sellers’ market, and anything in between is viewed as market balance.
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