Feb 2024 Market Update
The new FVREB sales-to-active listings ratio is reported as 19%, which means a “balanced market”, while overall Benchmark prices continue to edge downward — half a per cent from December, and down six per cent from the 12-month peak in July. This is the time to get off the sidelines, before an interest rate cut sees the market (already suffering with low inventory) flooded with buyers! Feb 2,2024 FVREB Press release below:
Signs of stability in Fraser Valley housing market
SURREY, BC — The Fraser Valley real estate market showed signs of recovery in January as home sales rose after six consecutive months of decline, and new listings more than doubled.
The Fraser Valley Real Estate Board recorded 938 transactions on its Multiple Listing Service® (MLS®) in January, a 12 per cent increase over December and below the 10-year average for sales in the region. At 2,368, new listings increased 151 per cent in January, rebounding strongly from the seasonal lull seen in December. This is the largest month-over-month percentage increase in new listings in five years.
Active listings in January were 4,877, up by 4 per cent over last month and up by 18 per cent over January 2023. The sales-to-active listings ratio was 19 per cent, representing balanced conditions in the overall market. Detached houses are in balanced market territory at 19 per cent, while both townhomes and apartments remain in seller’s market territory at 34 and 27 per cent respectively. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.
The average number of days homes are spending on the market has been increasing since October, with single family detached homes spending 44 days on the market, apartments spending 41 days on the market and townhomes moving more quickly at 33 days.
Overall Benchmark prices continued to edge downward for the sixth month in a row, losing less than half a per cent from December, and down six per cent from the 12-month peak in July.
Tags: Canadian housing market, Canadian real estate, condos, Fraser Valley, FVREB, Greater Vancouver real estate, home buyers, housing costs, housing market, Lower Mainland, RE/MAX, real estate, realtor, single family homes, Surrey, townhouse, Trevor Miller, White Rock
