Home Sales Reaching Levels Seen in April 2022
EASTERN FRASER VALLEY, BC – May 5, 2023 – With the number of new listings activity remaining below historical norms, home sales in Eastern Fraser Valley have mounted a surprising comeback, getting close to the levels seen in the region last spring before eight consecutive interest rate hikes that brought home sales down.
Residential home sales in the region totaled 861 in April 2023 compared to 900 sales recorded in April 2022.
Months of Inventory are a strong indication of how robust the market is.
- 0 to 5 months of inventory = "seller's market".
- 5 and 8 months of inventory = "Balanced Market".
- More than 8 months of inventory = "Buyer's Market".
Analysis of the historical data suggests downward pressure on home prices occurs when the ratio rises above 8 months of inventory for a sustained period, while home prices often experience upward pressure when it dips below 5 over several months.
Near record-low inventory levels have created competitive conditions where almost any resurgence in demand translated to price escalation, despite the elevated borrowing cost environment. At the crux of it, the issue remains a matter of far too little resale supply available relative to the pool of active buyers in our market.”
The median price for all residential properties from Langley to Hope south of the Fraser River, and Mission, is currently $777,500. This represents a 12.1 per cent decrease over April 2022 and a 10.2 per cent increase compared to March 2023.
Sales of detached homes in April 2023 reached 391, a 6.9% decrease from the 437 recorded in April 2022. The median price for detached properties is $1,118,800. This represents an 11.7% decrease from April 2022 and a 8.1% increase compared to March 2023.
Attached home sales (Townhomes and Rowhomes) in April 2023 totaled 219, a 0.9% increase compared to the 217 sales in April 2022. The average price of an attached unit is $711,006. This represents a 10.8% decrease from April 2022 and a 6.3% increase compared to March 2023.
Sales of Condos reached 251 in April 2023, a 4.6% decrease compared to the 263 sales in April 2022. The average price of an Condo is $451,288. This represents a 9.2% decrease from April 2022 and a 6.7% increase compared to March 2023.
Note: The above information and statistics are based on information provided by CADREB (Chilliwack and District Real Estate Board). "Chilliwack" includes Chilliwack and Area (Chilliwack to Hope, including Agassiz. "Langley" excludes Langley City. Total sales excludes Houses on Acreage and "Land Only" listings.
ABBOTSFORD
Unit sales were down 6.1% in April compared to March.
New Listings were down 6.5% from 339 to 317 April compared to March.
Homes were on the market for an average of 11 days in April.
CHILLIWACK
Unit sales were down 3.3% in April compared to March.
New Listings were up 0.7% from 407 to 410 in April compared to March but still down 31.3% from April 2022 and historical norms in this region.
Homes were on the market for an average of 15 days in April.
LANGLEY
Unit sales were down 12% in April compared to March.
New Listings were down 12.7% from 465 to 406 in April compared to March and down 31.9% from April 2022. In Langley, April of 2022 represented one of the top 10 listings per month over the past 20 years or more.
Homes were on the market for an average of 15 days in April.
MISSION
Unit sales were up 3.6% in April compared to March.
The 97 new listings in April equaled the new listings in March. There were down 44.6% from April 2022. Similar to Langley April of 2022 represented one of the highest months of new listings in recorded history.
Homes were on the market for an average of 19 days in April.
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