June 2023 Stats: Low Supply While Demand Stays High
The real estate market in Fraser Valley, BC had a strong month in June, with sales reaching levels similar to the average for the past decade. Despite ongoing supply challenges, the Fraser Valley Real Estate Board processed 1,935 sales on its Multiple Listing Service® (MLS®), a significant increase of 51.1% compared to June 2022 and a 13.1% increase compared to last month. Prices continue to rise due to high demand and limited housing supply, and buyers are still entering the market despite the anticipation of interest rate hikes. The FVREB received slightly more new listings in June compared to last year, but there was a slight decrease compared to May 2023. In June, it took an average of 21 days to sell a single-family detached home, 16 days for a townhome, and 22 days for an apartment in the Fraser Valley.
Mission Real Estate Statistics
The Board processed 79 sales of all property types on its Multiple Listing Service® (MLS®) in Mission in June 2023 – a 19.4% increase from last month. 60 detached homes were sold in June 2023, compared to 39 in June 2022. The sales of townhomes doubled while the sales of apartments more than doubled compared to May 2022.
Active listings in Mission for detached homes decreased 8.2% compared to this month last year.
152 new listings in June 2023 compared to 158 in May 2023.
Mission’s Benchmark Price for detached homes in June 2023 was $1,017,300 compared to $1,034,200 in May 2023.
Feel free to contact me directly at 604-302-0177 if you have any questions about buying or selling in today’s market, or if you’re curious about the value of your property. I’m here to help and look forward to assisting you every step of the way!
Latest June 2023 real estate statistics package here!