November 2023 Fraser Valley Real Estate Market Insights
Welcome to the November 2023 Fraser Valley Presale Pulse episode, a real estate show brought to you by hosts Suzana Goncalves and Brittany Reimer. Watch the video to understand the latest macroeconomics, presale, and resale trends over the last 30 days affecting the local real estate market across the Fraser Valley. In this month's episode of the Presale Pulse:
On the run? Don't miss a beat. Listen to this episode
Noteworthy Launches in the Fraser Valley Presale Market
The Fraser Valley presale market in October witnessed significant activity, marked by six presale launches that brought just under 500 units into the market. Highstreet Village's third building stood out, achieving sell-out status by early November. The momentum carried forward with the preview of Building 4 commencing on November 11, and there are expectations for contract writing to begin in late November or early December. In the context of a slowing presale market in Vancouver, the key lies in maintaining a robust, well-segmented network that extends beyond potential buyers to include fellow realtors and industry contacts. Quality, in this scenario, is defined by an intimate understanding of contacts' preferences and investment strategies, enabling personalized outreach.
Sales Decline and Pricing Shifts in Fraser Valley's October Resale Market
Fraser Valley's resale market in October saw a continued decline in sales activity marking the fourth consecutive month of decreasing trends, with approximately 970 sales. This represents a 12% drop compared to September. Despite a year-over-year increase of 8%, overall activity remained 34% below the ten-year average. The impact of interest rate hikes in June and July was evident, as cautious buyers hesitated to re-enter the market, contributing to a month-over-month decrease in sales. Active listings totalled 6,580, a marginal 0.7% increase from the previous month. This combination of increasing listings and lower sales pushed the market closer to a buyer's market, with a sales-to-listings ratio dropping from 17% in September to 15% in October. Benchmark pricing continued to decline for the third consecutive month, reaching $1,015,200, a 1.4% decrease from the previous month and 15.2% below the peak pricing seen in March 2022. The drop in benchmark pricing was mainly attributed to detached homes, while townhomes and apartments saw more modest decreases of 0.4% and 0.1%, respectively. These trends indicate a challenging market, and future developments, especially in response to interest rate announcements, are anticipated.
Presale Projects Covered in this Episode
- Highstreet Village - Fifth Avenue Properties
- Gabriel - Whitetail Homes
- Guildford the Greatest - Dawson + Sawyer
- Guilden - RDG Development
Links mentioned in this episode:
- November 2023 Presale Pulse Report
- MLA Advisory Services and Sample Reports
- Contact Advisory
- Subscribe to MLA Newswire
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