Data taken from FVREBSummary: Overall, there were 2580 total sales in the Fraser Valley for March, up 41% from February 2022 but down 22.5% from the previous year. The Average sold price across all property types was $1,207,218 an increase on 18% over the previous year. Inventory shortage remains the biggest issue facing buyers, with 1.8 months on inventory remaining, its still a seller’s market with properties selling on average in 12 days. For the third consecutive month, new listings in the Fraser Valley continued to climb in March giving buyers more to choose from, helping to increase overall active inventory to levels not seen since last July, all good news for the home-buying public. With fixed rates nearly double what they were a year ago, new homebuyers will likely be more impacted than other segments of the home-buying public, as mortgage stress test conditions become more stringent. If you need a Langley Realtor to help you find your next home or to sell your place while sellers are still in control, give me a call.
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