Fraser Valley home sellers entered the market in large numbers in January, with new listings surging by 167% compared to December. While a triple-digit increase in listings from December to January is not uncommon, the combination of declining sales and strong inventory levels is creating ideal conditions for a buyer’s market.
The Board recorded 818 sales in January, down 18 per cent from December and down 13 per cent year-over-year. January sales are 23 per cent below the 10-year seasonal average.
New listings increased to 3,432 in January, up from 1,288 in December. A 167 per cent increase and up 45 per cent year-over-year. Overall inventory remains at a 10-year seasonal high, with 7,251 active listings, a 15 per cent increase over December and 49 per cent higher than January 2024.
Sales-to-Active Ratio
The sales-to-active listings ratio decreased five per cent in January, to an overall ratio of 11 per cent, signalling buyer’s market conditions. The market is considered balanced when the ratio is between 12 and 20 per cent.
Detached: 10% (down 5% from December)
Townhouses: 20% (down 5% from December)
Apartments: 14% (down 6% from December)
Benchmark Prices
The composite Benchmark price in the Fraser Valley held relatively steady in January, down just 0.03 per cent to $964,800. The composite Benchmark price declined by 2.4 per cent over January 2024.
Change in price: month-to-month
Detached: $1,482,400 +0.1%
Townhouse: $826,000 -0.2%
Apartments: $534,600 +0.1%
Days on Market
It took longer to sell homes in January compared to December. The average number of days to sell a single-family detached home was 52, while for a condo it was 42. Townhomes took, on average, 38 days to sell.
To learn more about HPI Benchmark prices by sub-area, click here. For a more detailed look at the Fraser Valley market, watch Eye on the Market or click here to view the Monthly Statistics Package.