RE/MAX Oceanview Weekly Report Oct 4 - Oct 10, 2022

The real estate statistics for September are in. There were 36 sales of detached housing, up from the 29 sales in August. However, the YTD total of 432 is down 34% from last year. The Benchmark Price that is, the price of an average home in an average area dipped 1% to $946,500, the 4th decease in 4 months. These statistics confirm downward pressure on prices. With condo’s and apartments, there were 6 sales, similar to August. However, the Benchmark Price for both categories dropped significantly 9.8% for apartments, 3.5% for townhomes. These declines are the steepest we’ve seen of any category so far this year. As for vacant land, there were no sales in September. And the 89 sales YTD sales are also more than 40% off 2021. The Benchmark Price for land is not available, but prices cannot stay the same amid this lack of activity. The Detached Sales to List Ratio is now at 11%, well into Buyer’s market territory. Will the trend continue? Stay in touch.

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.