Fraser Valley Real Estate Market Stats: August 2023 Update

The Fraser Valley is a region known for its diverse communities and picturesque landscapes, making it a highly sought-after destination for homebuyers. As we step into August, the Fraser Valley Real Estate Board has released its latest data, and the numbers are nothing short of impressive. In this blog post, we'll delve into the single-family home market across the entire Fraser Valley, analyzing the key statistics and trends for August 2023.

Snapshot of Key Fraser Valley Real Estate Metrics

• Number of Sales: 388
• Average Sale Price: $1,561,351

When we look at the Fraser Valley as a whole, the numbers are nothing short of impressive. In August 2023, there were 388 single-family homes sold, a significant increase compared to the 315 homes sold in August 2022. This represents a remarkable 23.17% year-over-year growth.

But what's even more compelling is the average sale price in the Fraser Valley. In August 2023, the average sale price reached $1,561,351. This not only reflects a solid 7.06% increase compared to the same month last year but also underscores the enduring appeal of this region for both buyers and sellers.

Abbotsford:

The city of Abbotsford saw a remarkable increase in sales, with 59 single-family homes sold in August 2023 compared to 45 in the same month last year, marking a substantial 31.11% increase. The average sale price also rose to $1,199,025, a 2.02% uptick compared to August 2022.

Mission:

Mission experienced an astounding 135.71% surge in sales, with 33 homes changing hands in August 2023, compared to just 14 in August 2022. The average sale price in Mission reached $1,006,755, reflecting a modest 1.14% increase.

White Rock/South Surrey:

White Rock and South Surrey continued their steady growth, with 59 homes sold in August 2023, marking a 43.90% increase from the previous year. The average sale price settled at $2,124,833, a 0.94% change from August 2022.

Langley:

Langley maintained its popularity, recording 83 sales in August 2023, compared to 66 in August 2022, a 25.76% increase. The average sale price was $1,578,560, showing significant growth of 11.76%.

Delta - North:

Delta's North region experienced a slight dip in sales, with 25 homes sold in August 2023 compared to 29 in August 2022, a -13.79% decrease. However, the average sale price surged to $1,668,824, representing an impressive 28.83% increase.

Surrey - Central:

Surrey's Central region saw 62 homes sold in August 2023, compared to 52 in August 2022, a 19.23% increase. The average sale price reached $1,663,185, reflecting a steady 9.56% growth.

Surrey Cloverdale:

Surrey Cloverdale experienced a decrease in sales, with 27 homes sold in August 2023 compared to 36 in August 2022, resulting in a -25.00% decline. The average sale price stood at $1,449,333, a 6.85% change.

Surrey North:

Surrey North maintained its upward trajectory with 39 homes sold in August 2023 compared to 31 in August 2022, marking a 25.81% increase. The average sale price remained relatively stable at $1,528,412, with only a marginal 0.02% change.

Fraser Valley as a Whole:

When we look at the Fraser Valley as a whole, the numbers are equally impressive. In August 2023, there were 388 single-family homes sold, compared to 315 in August 2022, marking a 23.17% increase. The average sale price for the Fraser Valley reached $1,561,351, reflecting a solid 7.06% growth compared to the previous year.

Conclusion

August 2023 has brought significant growth to the single-family home market in the Fraser Valley. Increased sales and rising median prices across various regions indicate a robust real estate market. Whether you're a buyer or seller, staying informed about these trends is crucial for making informed decisions. If you're considering entering the market, now might be the perfect time to explore the diverse communities that make up the Fraser Valley.

As always, it's essential to work with a knowledgeable real estate professional who can guide you through the intricacies of the local market. If you have any questions or need assistance with your real estate endeavors in the Fraser Valley, feel free to reach out to us. We're here to help you navigate this exciting and dynamic real estate landscape.

Data sourced from National MLS as of August 2023. All information is believed to be accurate but is not guaranteed and should be independently verified.