Image: Point2Homes.com / An Abbotsford home for sale with an asking price of $2.1 million. The Fraser Valley Real Estate Board says the Fraser Valley real estate market continues to cool heading into the Christmas holiday season as buyers and sellers adhere to a holding pattern seen over the latter half of this year. Sales in November 2023 fell by 8 per cent from the previous month of October 2023.

By Mike Vanden Bosch

Fraser Valley real estate sales

Real estate sales fall for the 5th straight month in the Fraser Valley

Dec 4, 2023 | 9:13 AM

ABBOTSFORD — The Fraser Valley real estate market continues to cool heading into the Christmas holiday season as buyers and sellers adhere to a holding pattern seen over the latter half of this year.

The Fraser Valley Real Estate Board recorded 891 transactions on its Multiple Listing Service in November, a drop of 8 per cent from the previous month, representing the ninth slowest November in a decade.

At 2,030 new listings also fell again, decreasing by 20 per cent from October and by 43 per cent since peaking in May at 3,533.

“As we head into the holiday season, buyers and sellers are busy with other priorities and will most likely continue to wait on the sidelines,” said Narinder Bains, chair of the Fraser Valley Real Estate Board. “We anticipate this holding pattern, defined by slow sales and declining new listings, will continue through the winter months until we see some downward movement in interest rates.”

Active listings in November were 6,254, down by 5 per cent over last month and up by 17 per cent over November 2022. The sales-to-active listings ratio was 14 per cent, creating balanced conditions in the overall market. Detached houses are in balanced market territory at 12 per cent, while both townhomes and apartments remain in seller’s market territory. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.

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“With seasonality and high interest rates continuing to dampen sales activity, we expect to see sales slow further into early 2024,” said FVREB CEO Baldev Gill.

On average, properties spent approximately one month on the market, with single family detached homes spending 36 days on the market, and townhomes and apartments moving more quickly at 29 days.

Overall benchmark prices continued to slide for the fourth month in a row, losing 1.1 per cent compared to October.

MLS HPI Benchmark Price Activity

Single Family Detached: At $1,489,100, the Benchmark price for an FVREB single-family detached home decreased 0.94 per cent compared to October 2023 and increased 6.22 per cent compared to November 2022.
Townhomes: At $837,200, the Benchmark price for an FVREB townhome decreased 0.95 per cent compared to October 2023 and increased 5.08 per cent compared to November 2022.
Apartments: At $545,300, the Benchmark price for an FVREB apartment/condo decreased 0.02 per cent compared to October 2023 and increased 5.60 per cent compared to November 2022.

The Fraser Valley Real Estate Board is an association of 5,148 real estate professionals who live and work in Abbotsford, Langley, Mission, North Delta, Surrey and White Rock.

by Mike Vanden Bosch

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Real estate sales fall for the 5th straight month in the Fraser Valley

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