Fraser Valley Real Estate Market Update | May 2024

𝗖𝘂𝗿𝗶𝗼𝘂𝘀 𝗵𝗼𝘄 𝘁𝗵𝗲 𝗹𝗮𝘁𝗲𝘀𝘁 𝘁𝗿𝗲𝗻𝗱𝘀 𝗰𝗼𝘂𝗹𝗱 𝗶𝗺𝗽𝗮𝗰𝘁 𝘆𝗼𝘂𝗿 𝗯𝘂𝘆𝗶𝗻𝗴 𝗼𝗿 𝘀𝗲𝗹𝗹𝗶𝗻𝗴 𝗱𝗲𝗰𝗶𝘀𝗶𝗼𝗻𝘀? Today, we'll cover essential stats and insights to keep you ahead in the dynamic market and not miss out on the opportunities it brings. 🏡
𝗜𝗻𝘃𝗲𝗻𝘁𝗼𝗿𝘆 𝗨𝗽𝗱𝗮𝘁𝗲: In May, active listings increased by 8% from April, reaching 7,904 homes for sale. This is up 42% from May 2023 and 19% above the 10-year average. The surge in inventory is due to sluggish spring sales, investors liquidating assets due to high interest rates, capital gains announcements, and homeowners managing mortgage payments or relocating.
𝗦𝗮𝗹𝗲𝘀 𝗮𝗻𝗱 𝗠𝗮𝗿𝗸𝗲𝘁 𝗕𝗮𝗹𝗮𝗻𝗰𝗲: Sales remained seasonally slow with 1,517 transactions in May, a 3% increase from April, but down 11% compared to May 2023 and 21% below the 10-year average. Jeff Chadha from the Fraser Valley Real Estate Board notes that growing inventory levels are providing buyers with more options as prices continue to flatten. New listings softened in May, dropping 5% from April to 3,760, with a sales-to-active listings ratio of 19%, indicating a balanced market.
𝗗𝗮𝘆𝘀 𝗼𝗻 𝗠𝗮𝗿𝗸𝗲𝘁: The average number of days homes are on the market increased slightly in May. Detached homes are now spending 25 days on the market, up from 23 in April. Townhomes are at 20 days, up a day from April, while condominiums remain steady at 23 days.
𝗣𝗿𝗶𝗰𝗲𝘀: Benchmark prices in the Fraser Valley remain relatively flat in May. The benchmark price for single-family detached homes increased 0.2% from April 2024, standing at $1,530,200, a 2.9% increase from May 2023. Townhome prices decreased by 0.03% from April 2024 to $853,800, but increased 3.4% from May 2023. Condo prices decreased slightly by 0.1% from April 2024 to $555,100, a 2.9% increase from May 2023.
𝗜𝗻𝘁𝗲𝗿𝗲𝘀𝘁 𝗥𝗮𝘁𝗲 𝗜𝗺𝗽𝗮𝗰𝘁: With the recent announcement of the key interest rate dropping by a quarter percent, we anticipate positive momentum for the real estate market. Buyers now have more purchasing power, and homeowners can feel more at ease with stable mortgage payments, reducing the pressure to sell.
𝗔𝗰𝘁𝗶𝗼𝗻𝗮𝗯𝗹𝗲 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀:
𝗠𝗼𝗻𝗶𝘁𝗼𝗿 𝘁𝗵𝗲 𝗠𝗮𝗿𝗸𝗲𝘁: Stay updated on market trends to make informed decisions. The increased inventory and stable prices present new opportunities.
𝗖𝗼𝗻𝘀𝘂𝗹𝘁 𝗘𝘅𝗽𝗲𝗿𝘁𝘀: Work with experienced real estate professionals to navigate the current balanced market effectively.
𝗟𝗲𝘃𝗲𝗿𝗮𝗴𝗲 𝗟𝗼𝘄 𝗜𝗻𝘁𝗲𝗿𝗲𝘀𝘁 𝗥𝗮𝘁𝗲𝘀: Take advantage of the recent interest rate drop for favorable mortgage terms, increasing your purchasing power and easing mortgage payments.
If you're thinking of buying, selling, investing, or have any questions about the market, Katrina and The Team have 𝙪𝙣𝙢𝙖𝙩𝙘𝙝𝙚𝙙 𝙨𝙠𝙞𝙡𝙡𝙨, 𝙚𝙭𝙥𝙚𝙧𝙩𝙞𝙨𝙚, 𝙖𝙣𝙙 𝙚𝙭𝙥𝙚𝙧𝙞𝙚𝙣𝙘𝙚. You can call us at [phone] or visit us online at katrinaandtheteam.com.
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