Fraser Valley Real Estate Market Update: February 2024

Dated: February 4 2024

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Fraser Valley Real Estate Market Update: February 2024

The Fraser Valley real estate market has shown signs of stability and recovery in February, with an increase in both sales and listings compared to the previous month. This is good news for buyers and sellers who are looking for more opportunities and activity in the market.

According to the Fraser Valley Real Estate Board (FVREB), there were 938 transactions on its Multiple Listing Service (MLS) in February, a 12% increase over January and below the 10-year average for sales in the region. At 2,368, new listings increased 151% in February, rebounding strongly from the seasonal lull seen in December. This is the largest month-over-month percentage increase in new listings in five years.

The sales-to-active listings ratio was 19% in February, representing balanced conditions in the overall market. Detached houses are in balanced market territory at 19%, while both townhomes and apartments remain in seller’s market territory at 34% and 27% respectively. The market is considered balanced when the ratio is between 12% and 20%.

The composite benchmark price for all property types was $1,021,400 in February, a slight increase of 0.5% from January and 6.9% from February 2023. The benchmark price for detached homes was $1,466,100, up by 0.4% from January and 8.6% from February 2023. The benchmark price for townhomes was $825,600, down by 0.1% from January and up by 6.9% from February 2023. The benchmark price for apartments was $539,700, up by 0.4% from January and 6.5% from February 2023.

The average number of days homes spent on the market in February was 40, down from 47 in January. Detached homes spent 44 days on the market, apartments spent 41 days on the market, and townhomes moved more quickly at 33 days on the market.

Narinder Bains, Chair of the FVREB, commented on the February market trends: “With February sales on the rise, we are seeing hopeful signs that optimism is returning to the market. Anticipating that we may be at the end of the Bank of Canada rate hike cycle, it appears that more buyers are considering re-entering the market as we are starting to see more traffic at open houses.”

Baldev Gill, CEO of the FVREB, added: “Current balanced market conditions present opportunities for both buyers and sellers. In today’s market, buyers and sellers have time to get preapprovals, put together offers and take the time needed to work through the purchase or sale of a home with the help of a knowledgeable and professional REALTOR.”

According to the FVREB, Surrey saw 343 sales in February, a 9% increase from January and a 13% decrease from February 2023. The benchmark price for detached homes in Surrey was $1,518,500, up by 0.5% from January and 9.4% from February 2023. The benchmark price for townhomes in Surrey was $839,900, down by 0.1% from January and up by 7.6% from February 2023. The benchmark price for apartments in Surrey was $551,600, up by 0.6% from January and 7.2% from February 2023.

Langley recorded 144 sales in February, a 16% increase from January and a 10% decrease from February 2023. The benchmark price for detached homes in Langley was $1,405,300, up by 0.4% from January and 8.1% from February 2023. The benchmark price for townhomes in Langley was $811,200, down by 0.2% from January and up by 6.7% from February 2023. The benchmark price for apartments in Langley was $527,800, up by 0.2% from January and 6.8% from February 2023.

White Rock saw 52 sales in February, a 13% increase from January and a 24% decrease from February 2023. The benchmark price for detached homes in White Rock was $1,716,800, up by 0.3% from January and 7.9% from February 2023. The benchmark price for townhomes in White Rock was $842,900, up by 0.1% from January and up by 7.1% from February 2023. The benchmark price for apartments in White Rock was $567,900, up by 0.4% from January and 6.6% from February 2023.

If you are interested in buying or selling a home in the Fraser Valley, especially in the areas of Surrey, White Rock, and Langley, you can contact me for more information and guidance. I have the local market expertise and experience to help you achieve your real estate goals.

I hope you find this blog post helpful. Please let me know if you have any questions or feedback. 😊

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Damian Dowell

D&T Real Estate GroupWith over 22 years of combined real estate service under our belt, Damian and Tricia can assure you that you are in good hands with us. Representing current and future homeown....

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