Median Sales prices were down 2.4% from October but up 7.6% from November 2022
EASTERN FRASER VALLEY, BC – November 6, 2023
With the exception of month-to-month variations, and a slight rise and fall this past spring/summer, Median Home prices have remained relatively level since August of 2022.
MARKET CONDITIONS
In November, the Median Sales prices were down 2.4% from October but up 7.6% from November 2022. The average annual increase over the past 5 years is at 9.4% per year.
When we look at all property types throughout the region, both the total number of active listings and the total number of new listings up from their 10-year average by 6.6% and 14.4% respectively. However, with interest rates remaining elevated compared to the past number of years, buyers are holding off creating unit sales to be down 35.7% compared to their 10-year average creating a balanced market (more sellers and less buyers).
Diving a little deeper however, we see that the challenge of qualifying for higher mortgage amount is resulting in a reduced number of buyers able to qualify for single family homes resulting in these types of homes entering the buyer’s market phase. On the other hand, Condos and Townhomes remain at the upper end of a seller’s market or just entering a balanced market (the exception is Mission where the numbers are affected by low sales – 3 condo’s sold in November)
Seller’s Market = Less than 5 months of inventory
Balanced Market = 5 months to 8 months of inventory
Buyer’s Market = More than 8 months of inventory
ABBOTSFORD
The average price for all residential properties in Abbotsford is up 1.8% over the prior month but up 4.1% compared to the same month last year.
DETATCHED HOMES
Sales of single-family detached homes in this month reached 51. This is the same as the previous month just up 1 from 50 unit sales the same month last year.
The average sales price for these properties in Abbotsford was $1,070,000 which is down 4.4% from the prior month but up 1.2% compared to the same month last year.
We saw 101 new detached home listings this month which is down from 144 last month and up from 83 compared to the same month last year.
Active listings were at 389, which is down from 409 last month but up from 355 the same month last year.
TOWNHOMES AND ROWHOMES
The average sales price was $679,500, down 1.3% from last month and up 3.7% from last year.
We saw 32 of these types of homes sell this month. This is similar to 34 the prior month but up from 23 the same month the prior year.
There were 39 new Townhome listings this month which is down from 49 last month and from 68 last year.
The month ended with 97 active listings which is down from 104 last month and from 189 this month last year.
CONDOS AND APPARTMENTS
The average price of these homes is $415,000 down 3.1% from last month and up 12.5% compared to last year.
47 of these types of homes sold this month compared to 64 last month and 48 last year.
We saw 81 new listings this month compared to 99 last month and 69 last year.
We ended the month with 156 active listings compared to 158 last month and 240 the same month last year.
CHILLIWACK
The average price for all residential properties in Chilliwack this month is down 4.4% compared to last month but up 5.1% compared to the same month last year.
DETATCHED HOMES
The average sales price for detached properties in Chilliwack was $830,000 which is down 3.1% from the prior month and up 6.4% compared to the same month last year.
Sales of single-family detached homes this month reached 74 down from 105 last month and up from 78 last year.
We saw 188 new detached home listed this month compared to 243 last month 169 last year.
Active listings were at 679 at the end of the month compared to 692 the previous month and 722 the same month last year.
TOWNHOMES AND ROWHOMES
The average sales price was $600,000, up 3.0% from last month and 2.9% from last year.
We saw 39 of these types of homes sell this month compared to 31 last month and 31 last year.
There were 49 new Townhome listed this month compared to 80 last month and 54 last year.
The month ended with 128 active listings compared to 144 last month and 184 this month last year.
CONDOS AND APPARTMENTS
The average price of these homes is $327,500 down 17.2% from last month and 3.7% compared to last year.
27 of these types of homes sold this month compared to 42 last month and 32 last year.
We saw 70 new listings this month compared to 80 last month and 54 last year.
We ended the month with 183 active listings compared to 175 last month and 183 last year.
LANGLEY
The average sale price for all residential property types in Langley was down 3.2% over the prior month but up 15.8% compared to the same month last year.
DETATCHED HOMES
The average sales price for detached properties in Langley was $1,475,000 which is down 6.3% from the prior month and up 20.4% compared to the same month last year.
Sales of single-family detached homes this month reached 53 down from 62 last month and 68 last year.
New listings this month reached 128 which is down from 152 last month but up from 109 compared to last year.
Active listings were at 410 at the end of the month compared to 436 last month and 379 the same month last year.
TOWNHOMES AND ROWHOMES
The average sales price was $871,000, up 1.2% from last month and 8.9% from last year.
There were 46 town homes sold this month compared to 58 last month and 38 last year.
There were 80 new listings for Townhomes listed this month down from 100 last month and up from 75 last year.
The month ended with 144 active listings compared to 154 last month and 181 this month last year.
CONDOS AND APPARTMENTS
The average price of these homes is $558,389 which is down 4.5% from last month and 0.4% compared to the same month last year.
There were 74 condos sold this month compared to 85 last month and 62 last year.
New listings this month at 162 were similar to 165 last month slightly down from 173 compared to last year.
The month ended with 284 active listings compared to 285 last month and 332 last year.
MISSION
The average price for all residential properties in Mission is down 7.0% over the prior month and 2.6% compared to the same month last year.
DETATCHED HOMES
The average sales price for detached properties in Mission was $842,000 which is down 4.2% from the prior month and up 2.7% compared to the same month last year.
Sales of single-family detached homes this month reached 24 compared to 36 the prior month and 32 the same month last year.
We saw 58 new listings this month compared to 71 last month and 53 the same month last year.
Active listings were at 233, compared to 243 from the prior month and 244 the same month last year.
TOWNHOMES AND ROWHOMES
The average price of these attached units is $599,575. This represents a 14.0% decrease over the prior month and a 6.1% increase compared to the same month last year.
We saw 4 of these types of homes sell this month which was the same number as the prior month and up from 3 the same month the prior year.
We saw 16 new listings this month which is down from 14 last month and up from 6 compared to the same month last year.
Active listings were at 39, compared to 38 last month and 22 the same month last year.
CONDOS AND APPARTMENTS
The average sale price of these homes last month was $399.999. This represents a 14.2% increase from the prior month and 9.1% decrease over last year the same month. The limited sales of these homes are responsible for the big swings in the average sold price.
There were 3 condos sold last month, compared to 3 the prior month and up from 1 the same month last year.
There were 28 new listings last month, compared to 8 the prior month and 7 the same month last year.
Last month ended with 46 active listings compared to 33 the prior month and 33 the same month last year.
STATISTICS PACKAGE
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