Trevor Miller

Falling prices open the door for Fraser Valley move-up buyers!

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According to the Fraser Valley Real Estate Board (FVREB), a modest increase in home sales in May suggests buyers remain engaged, albeit cautiously as economic uncertainty continues to temper the pace of the spring market.

The FVREB recorded 1,124 sales on its Multiple Listing Service® (MLS®) in May, a 0.5 per cent increase from April, but five per cent below the same month last year. Single-family homes remained the most active segment of the Fraser Valley market in May, generating more sales than townhouses and apartments.

Sellers were less active in May, with new listings falling both month-over-month and year-over-year as some homeowners appear to be waiting for stronger market conditions before listing.

However, the Fraser Valley continues to offer buyers an abundance of choice, with 10,140 active listings on the market in May, keeping inventory well above historical norms.

With a sales-to-active listings ratio of 11 per cent in May, the Fraser Valley remains in buyer’s market territory. A balanced market is typically defined by a ratio between 12 and 20 per cent.

“Many households are understandably approaching major financial decisions with caution right now,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “Between economic uncertainty, concerns about job security, and the continued pressure of higher everyday costs, confidence has been slow to recover. At the same time, buyers who are financially prepared are finding some of the most favourable market conditions we’ve seen in some time.”

In May, the average number of days to sell a single-family detached home was 35 days, while for a townhome, it was 37 days. Condos took, on average, 40 days to sell.

Strategy is key to navigating this market for both buyers and sellers, which is why an experienced realtor is critical to negotiating your way forward. I’ve got more than a decade of experience in the Fraser Valley market and can help you make the right move!

#trevormillerhomes #remaxcolonialpacific #fraservalleyrealestate #FVREB