House Prices Leveling Off
The new year has brought an end to the decline in housing prices in the Eastern Fraser Valley.
Since January housing prices have leveled off and we are now seeing a slight increase in some areas of the market.
Average home prices ticked upwards in Abbotsford, Chilliwack, Mission and Langley in March and the number of sales also increased across the region, suggesting recovering demand, according to figures released by the Fraser Valley and the Chilliwack and District Real Estate Boards.
The chair of the FVREB pointed to stabilized interest rates and increasing numbers of offers on homes.
“The pause in rate hikes has helped to restore a much-needed sense of predictability, which is building consumer confidence,” Narinder Bains said in a press release. “As a result, we’re starting to see more traffic at open houses along with more multiple offer situations.”
Inventory levels declined from their 2022 peak in July and have remained level since the traditional December low period.
Sales were up 79.3% in March compared to February. This is a result of new listings being up 35.6% and buyers stepping into the market and snatching up the listings.
As you might imagine, homes are being sold with fewer days on the market. Homes are on the market for an average in the region of 17 days compared to 36 days in January.
ABBOTSFORD
Unit sales were up 91.5% in March compared to February.
New Listings were up 33.8% in March compared to February.
Homes were on the market for an average of 14 days compared to 32 days in January
CHILLIWACK
Unit sales were up 50.0% in March compared to February.
New Listings were up 36.0% in March compared to February.
Homes were on the market for an average of 18 days compared to 42 days in January
LANGLEY
Unit sales were up 102.1% in March compared to February.
New Listings were up 35.0% in March compared to February.
Homes were on the market for an average of 12 days compared to 33 days in January
MISSION
Unit sales were up 75.0% in March compared to February.
New Listings were up 45.9% in March compared to February.
Homes were on the market for an average of 24 days compared to 36 days in January
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