Trevor Miller

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.

The Fraser Valley Real Estate Board says sales are down 8% and listings 20% from the previous month, while buyers continue to wait on the sidelines hoping for a drop in interest rates. If/When that happens, we’ll likely see a rush of buyers competing for what little inventory is on the market, so if you’re planning to buy now could be the opportune time!

New FVREB data shows a huge jump in sales from the previous month; however, there remains a lack of inventory. This benefits sellers, of course, and we are seeing multiple offers for many homes that are on the market. Thinking of selling? Now is a good time!

Read the full story HERE.

While the spring market is almost always a busier time of year in real estate, the past few years were more hectic than usual. Mortgage rates were at an all-time low, and there weren’t enough houses listed to satisfy the amount of buyers in the market for one.

So if you put your house on the market, it wasn’t uncommon to see a line of buyers and their agents waiting for a chance to see your house, and there was a good chance your house would sell within days and for over asking price. On the other hand, buyers had to be quick to see new listings and make an aggressive offer — and they still weren’t guaranteed their offer would be chosen.

Well, as you’re probably aware of, some things have changed in the real estate market since then… yet, other things haven’t. Here are the key factors that will affect both buyers and sellers this spring:

Mortgage rates are higher. This is obviously the biggest change. We went from historically low interest, to rates that are more in line with where they tend to be historically. They’re not necessarily “high,” but they’re higher than they had been for some time, which affects how buyers feel, and how much they can actually afford to pay for a house.
Houses are taking longer to sell in some areas and price ranges. It’s not like houses aren’t selling, but it may take more time to get offers and go under contract with a buyer. It depends a lot upon your price range and area, so you might find that you can get your house sold quickly and for over asking with multiple offers still, but in some areas your house may take some time to sell and you won’t get over asking price for it. Your local agent can give you insight into which is more likely to happen with your house.

Inventory is still low. Again, this depends upon where you live and the price range you’re selling or buying in, but overall inventory hasn’t grown considerably. There are still too few houses for the number of buyers who want to buy one.

Buyer demand is still pretty high. Despite rates having gone up, there are many buyers who are glad to finally be able to look for a house and not have to contend with as many other buyers as they would have over the past few years.

Buyers are more cautious. Even though buyer demand is still high, and there aren’t that many houses to go around, buyers are being more deliberate and cautious. They won’t necessarily make offers as high as they had been, and they might not be willing to waive contingencies like a home inspection.

The Takeaway:
The spring real estate market has probably already begun (even as far back as January) to some degree in your local market, but it’s surely about to ramp up in the next few weeks with the official arrival of spring.

This spring market will probably not be quite like the past few since mortgage rates have risen, causing houses in some areas to take longer to sell. That said, inventory is still low, and buyer demand is still high.

So, if you’re planning to sell your house:

– Make sure it shows as nicely as possible.
– Price it appropriately against the competition.
– Make it easy for buyers to get in and see.
– Be flexible on your price and terms when negotiating. (Buyers may not be willing to pay the prices they were paying, or forgo contingencies as they were in the past few years).

If you’re looking to buy a house:

– Take advantage of less competition from other buyers than there was over the past couple of years.
– Don’t hesitate when you see a house you like; if you like it, someone else likely will too. Make a strong offer before anyone else does.
– Keep eye on rates and lock in your rate if it goes down a decent amount.

In December, the average number of days to sell a single-family detached home in the Fraser Valley was 42 and a townhome 39 days. Condos took, on average, 33 days to sell. A year ago, properties were moving two to three times faster. That said, our market usually ticks up in January, with more listings and more buying activity.

Click HERE for details from the Fraser Valley Real Estate Board

Fraser Valley housing market sales for October remained relatively unchanged from last month as prices dipped slightly across all categories.

For detached homes, prices are on par with October 2021 levels, while townhomes and apartments are up 7.7 per cent and 11.5 per cent, respectively, over 2021.

The average number of days spent on the market before selling was relatively unchanged for detached homes and apartments compared to last month (34 days and 31 days, respectively). Townhomes moved more quickly at 27 days (compared to 32 days in September).

Click HERE for full story.

The latest FVREB stats out today show a continued slowing of sales and a slight rise in inventory combining to bring greater stability to the Fraser Valley housing market.

• Single Family Detached: At $1,462,000, the Benchmark price decreased 3.4 per cent compared to August 2022 and increased 4.1 per cent compared to September 2021.

• Townhomes: At $822,400, the Benchmark price decreased 2.3 per cent compared to August 2022 and increased 11.6 per cent compared to September 2021.

• Condos: At $530,400 the Benchmark price decreased 2.1 per cent compared to August 2022 and increased 14.5 per cent compared to September 2021

Click HERE for the full story.

The latest stats are out from the Fraser Valley Real Estate Board, and the average number of days to sell a single-family detached home has increased to 33. For townhomes it’s 26 days, while apartments/condos in August took, on average, 25 days to sell. 

Click HERE for latest stats from Fraser Valley Real Estate Board.

The Fraser Valley real estate market saw sales fall again in July in the face of continued interest rate hikes, as the government struggles to bring inflation under control.

“It is important to keep in mind that real estate is and always will be an asset with considerable upside over the long-term,” said Fraser Valley Real Estate Board President, Sandra Benz.

“As prices come down from the highs of recent months, there are opportunities for buyers who have been waiting to re-enter the market and shop for the right property.” 

View the press release & stats HERE 

A slowing of sales combined with an increase in active listings is helping to restore a semblance of balance to the market, which is encouraging for homebuyers, says the Fraser Valley Real Estate Board.

Click HERE for the full story.