Watch outgoing Chair Narinder Bains’ last ‘Eye on the Market’
Momentum is starting to build here in the Fraser Valley as home sales posted a second consecutive bump this year.
REALTORS® are noticing more listings come on to the market and more traffic at open houses amid a 32 per cent increase in sales in February. Sales, however, are still 21 per cent below the 10-year average for the region.
New listings increased again in February, up 18 per cent to 2,797 and 4 per cent above the 10-year average. This bump in new listings has increased overall inventory, with active listings at 5,561, a 14 per cent increase over January, 26 per cent above February 2023, and 7 per cent above the 10-year average.
The overall market has moved from balanced territory to seller’s market territory, with a sales-to-active listings ratio of 22 percent, up from 19 per cent in January. The market is considered balanced when this ratio is between 12 and 20 per cent.
Detached: 22% (up 3% from January)
Townhouses: 35% (up 1% from January)
Apartments: 33% (up 6% from January)
With sales outpacing the increase in new listings and overall supply in February, there was upward pressure on prices for the first time in six months. The composite Benchmark price for an FVREB home increased 0.9 per cent to $994,600. Detached homes, townhomes and apartments all saw increases in Benchmark prices in February.
Detached: $1,485,600 (up 1.3%)
Townhomes: $831,000 (up 0.7%)
Apartments: $546,100 (up 1.2%)
The average number of days homes are spending on the market dropped in February, with single-family detached homes spending 35 days on the market, down from 44 days in January. Apartments spent 29 days on the market, down from 41 days in January, while townhomes moved more quickly at 28 days, down from 33 days on the market in January.
To learn more about the FVREB Market Data for January, watch Eye on the Market with Board Chair, Narinder Bains.
For a more detailed look at our market, click here to view the Monthly Statistics Package.