FRASER VALLEY REAL ESTATE BOARD AUGUST 2023
INTRODUCTION Use data as a basis for decision making… At Fifth Avenue we have hired Knew Realty Research (Knew) to meticulously and methodically take the time to comb through statistics provided by real estate boards to create this report. Gone are the days of just numbers on a page, through visual analytics allows us to help you identify general market trends in your area and benchmark it to the performance of other regions. By utilizing our maps and intuitive charting techniques, you will be able to quickly and easily understand your market.
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DISCLAIMER & TERMS OF USE This report, and all goods, services, content, data and information subsequently provided are subject to our terms of use, available online at: https://knewresearch.com/terms-andconditions/ Fifth Avenue - Introduction
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TABLE OF CONTENTS Click on a housing type below to get started…
SINGLE FAMILY TOWNHOME
CONDOMINIUM To get back to this menu at any time click on the logo in the top right corner of each page. Please enjoy.
Fifth Avenue – Table of Contents
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SINGLE FAMILY
2019
2020
2021
2022
1200
1000
388 Single Family style homes sold in the Fraser Valley Real Estate Board in August 2023. This represents a decrease of 14 unit sales, or -3% when compared to the 402 sales observed last month. When comparing the current month's sales (388 sales) to the 315 sales observed in August of 2022, sales have increased by 73 units, or 23%.
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February
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December
November
December
Chart 1: FVREB Single Family Sales Source: Fraser Valley Real Estate Board - REALTORS ®
2023
2018
2019
2020
2021
2022
3500
3000
2500
2000
INVENTORY
2477 Single Family style homes were available for purchase in the Fraser Valley Real Estate Board in August 2023; this represents an increase of 51 units, or 2%, when compared to the 2426 units observed in inventory last month. When comparing this months inventory (2477 units) to the 2231 units of available inventory observed in August of 2022, inventory has increased by 246 units, or 11%.
2018
1400
SALES
CURRENTLY IN THE FRASER VALLEY REAL ESTATE BOARD IT IS A BALANCED M ARKET FOR SINGLE FAM ILY STYLE HOM ES.
2023 1600
1500
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500
0 January
February
March
April
May
June
July
August
September
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Chart 2: FVREB Single Family Inventory Source: Fraser Valley Real Estate Board - REALTORS ®
Fifth Avenue – Single Family
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FRASER VALLEY REAL ESTATE BOARD SINGLE FAMILY AVERAGE PRICE
AUGUST 2023
$2,000,000
$1,800,000
$1,561,351
AVERAGE PRICE
$1,600,000
$1,400,000
$1,200,000
$1,000,000
$800,000
$600,000
$400,000 Q1
Q2
Q3 2017
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2018
Chart 3: Historical Single Family Average Sales Price Source: Fraser Valley Real Estate Board - REALTORS ®
Q3 2019
Q4
Q1
Q2
Q3 2020
Q4
Q1
Q2
Q3 2021
Q4
Q1
Q2
Q3 2022
Q4
Q1
Q2
Q3
Q4
2023
Fifth Avenue – Single Family
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$1,561,351 is the average price for a Single Family style home sold in August 2023. This represents an increase of $15,673 in the average sales price, or 1% when compared to the average price of sales observed last month ($1,545,678). When comparing the current months average sale price ($1,561,351) to the average sale price $1,458,424 observed in August of 2022, the sale price has increased by $102,927, or 7%. When looking at August YTD Single Family sales for each respective year since 2015, 2023 sales currently rank 7th.
SALES 9000 8000 7000
SALES (YTD)
6000 5000 4000 3000 2000 1000 0 August 2017 YTD August 2018 YTD August 2019 YTD August 2020 YTD August 2021 YTD August 2022 YTD August 2023 YTD
Chart 4: Single Family Sales YTD Comparison Source: Fraser Valley Real Estate Board - REALTORS ®
Fifth Avenue – Single Family
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TOWNHOME
2018
2019
2020
2021
2022
800
700
600
SALES
CURRENTLY IN THE FRASER VALLEY REAL ESTATE BOARD IT IS A SELLERS M ARKET FOR TOWNHOM E STYLE HOM ES.
2023 900
316 Townhome style homes sold in the Fraser Valley Real Estate Board in August 2023. This represents a decrease of 57 unit sales, or -15% when compared to the 373 sales observed last month. When comparing the current months sales (316 sales) to the 282 sales observed in August of 2022, sales have increased by 34 units, or 12%.
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0 January
February
March
April
May
June
July
August
September
October
November
December
November
December
Chart 5: FVREB Townhome Sales Source: Fraser Valley Real Estate Board - REALTORS ®
2023
2018
2019
2020
2021
2022
1600
1400
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1000
INVENTORY
839 Townhome style homes were available for purchase in the Fraser Valley Real Estate Board in August 2023; this represents an increase of 7 units, or 1%, when compared to the 832 units observed in inventory last month. When comparing this months inventory (839 units) to the 1092 units of available inventory observed in August of 2022, inventory has decreased by 253 units, or -23%.
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0 January
February
March
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July
August
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October
Chart 6: FVREB Townhome Inventory Source: Fraser Valley Real Estate Board - REALTORS ®
Fifth Avenue - Townhome
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FRASER VALLEY REAL ESTATE BOARD TOWNHOME AVERAGE PRICE
AUGUST 2023
$1,100,000
$1,000,000
AVERAGE PRICE
$900,000
$834,696
$800,000
$700,000
$600,000
$500,000
$400,000
$300,000
Q1
Q2
Q3 2017
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2018
Chart 7: Historical Townhome Average Sales Price Source: Fraser Valley Real Estate Board - REALTORS ®
Q3 2019
Q4
Q1
Q2
Q3 2020
Q4
Q1
Q2
Q3 2021
Q4
Q1
Q2
Q3 2022
Q4
Q1
Q2
Q3
Q4
2023
Fifth Avenue - Townhome
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$834,696 is the average price for a Townhome style home sold in August 2023; this represents a decrease of $11,985 in the average sales price, or -1.4% when compared to the average price of sales observed last month ($846,681). When comparing the current months average sale price ($834,696) to the average sale price $810,038 observed in August of 2022, the sale price has increased by $24,658, or 3%. When looking at August YTD Townhome sales for each respective year since 2015, 2023 sales currently rank 6th. SALES 6000
5000
SALES (YTD)
4000
3000
2000
1000
0 August 2017 YTD August 2018 YTD August 2019 YTD August 2020 YTD August 2021 YTD August 2022 YTD August 2023 YTD
Chart 8: FVREB Townhome Sales YTD Comparison Source: Fraser Valley Real Estate Board - REALTORS ®
Fifth Avenue - Townhome
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CONDOMINIUM
2018
2019
2020
2021
2022
800
700
600
SALES
CURRENTLY IN THE FRASER VALLEY REAL ESTATE BOARD IT IS A BALANCED M ARKET FOR CONDOM INIUM STYLE HOM ES.
2023 900
414 Condominium style homes sold in the Fraser Valley Real Estate Board in August 2023. This represents a decrease of 48 unit sales, or -10% when compared to the 462 sales observed last month. When comparing the current months sales (414 sales) to the 305 sales observed in August of 2022, sales have increased by 109 units, or 36%.
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February
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Chart 9: FVREB Condominium Sales Source: Fraser Valley Real Estate Board - REALTORS ®
2023
2018
2019
2020
2021
2022
2000
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1600
1400
1200
INVENTORY
1311 Condominium style homes were available for purchase in the Fraser Valley Real Estate Board in August 2023; this represents an increase of 36 units, or 3%, when compared to the 1275 units observed in inventory last month. When comparing this months inventory (1311 units) to the 1208 units of available inventory observed in August of 2022, inventory has increased by 103 units, or 9%.
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February
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Chart 10: FVREB Condominium Inventory Source: Fraser Valley Real Estate Board - REALTORS ®
Fifth Avenue - Condominium
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FRASER VALLEY REAL ESTATE BOARD CONDOMINIUM AVERAGE PRICE
AUGUST 2023
$650,000 $600,000
$557,198
$550,000
AVERAGE PRICE
$500,000 $450,000 $400,000
$350,000 $300,000 $250,000 $200,000 $150,000 Q1
Q2
Q3 2017
Q4
Q1
Q2
Q3 2018
Q4
Q1
Q2
Q3 2019
Chart 11: Historical Condominium Average Sales Price Source: Fraser Valley Real Estate Board - REALTORS ®
Q4
Q1
Q2
Q3 2020
Q4
Q1
Q2
Q3 2021
Q4
Q1
Q2
Q3 2022
Q4
Q1
Q2
Q3
Q4
2023
Fifth Avenue - Condominium
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$557,198 is the average price for a Condominium style home sold in August 2023; this represents a decrease of $1,890 in the average sales price, or -0.3% when compared to the average price of sales observed last month ($559,088). When comparing the current months average sale price ($557,198) to the average sale price $539,217 observed in August of 2022, the sale price has increased by $17,981, or 3%. When looking at August YTD Condominium sales for each respective year since 2015, 2023 sales currently rank 4th. SALES 6000
5000
SALES (YTD)
4000
3000
2000
1000
0 August 2017 YTD August 2018 YTD August 2019 YTD August 2020 YTD August 2021 YTD August 2022 YTD August 2023 YTD
Chart 12: FVREB Condominium Sales YTD Comparison Source: Fraser Valley Real Estate Board - REALTORS ®
Fifth Avenue - Condominium
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