Fraser Valley Real Estate Market Update: March 2024

The Fraser Valley real estate market has been showing signs of recovery in the first two months of 2024, after a challenging year in 2023. Home sales have increased, new listings have more than doubled, and prices have stabilized in most areas. In this blog post, we will take a closer look at the market trends for the end of February 2024, and highlight the performance of three popular municipalities: Langley, Surrey, and White Rock.

Home Sales

According to the statistics from the Fraser Valley Real Estate Board, there were 1,345 home sales in February 2024, a 23.5% increase from January 2024, and a 12.7% increase from February 2023. This was the highest number of sales for the month of February since 2021, indicating a strong demand from buyers who are taking advantage of the low interest rates and the improved affordability.

The sales-to-active listings ratio, which measures the balance between supply and demand, was 25.6% in February 2024, up from 20.8% in January 2024, and 18.9% in February 2023. This means that for every 100 active listings, there were 25.6 sales in February 2024, indicating a seller’s market. A seller’s market occurs when the ratio is above 20%, meaning that sellers have more negotiating power and can expect higher prices and faster sales.

The breakdown of sales by property type was as follows:

• Detached homes: 615 sales, up 24.8% from January 2024, and up 14.2% from February 2023.
• Townhouses: 392 sales, up 22.5% from January 2024, and up 10.4% from February 2023.
• Apartments: 338 sales, up 22.3% from January 2024, and up 12.6% from February 2023.

New Listings

There were 2,623 new listings in February 2024, a 108.9% increase from January 2024, and a 53.4% increase from February 2023. This was the highest number of new listings for the month of February since 2018, indicating that more sellers are listing their properties in anticipation of the spring market.

The total number of active listings, which includes new and existing listings, was 5,253 in February 2024, a 38.9% increase from January 2024, and a 9.4% decrease from February 2023. This means that the inventory of homes for sale has increased significantly from the previous month, but is still lower than the same time last year.

The breakdown of new listings by property type was as follows:

• Detached homes: 1,125 new listings, up 114.8% from January 2024, and up 54.8% from February 2023.
• Townhouses: 782 new listings, up 103.7% from January 2024, and up 51.5% from February 2023.
• Apartments: 716 new listings, up 105.9% from January 2024, and up 52.8% from February 2023.

Home Prices

The benchmark price, which represents the typical home in a given area, was $1,021,800 for all property types in February 2024, a 0.5% increase from January 2024, and a 1.9% increase from February 2023. This means that the average home price in the Fraser Valley has increased slightly from the previous month, and has recovered from the decline that occurred in 2023.

The breakdown of benchmark prices by property type was as follows:

• Detached homes: $1,386,300, up 0.6% from January 2024, and up 2.4% from February 2023.
• Townhouses: $669,900, up 0.4% from January 2024, and up 1.5% from February 2023.
• Apartments: $487,600, up 0.3% from January 2024, and up 0.8% from February 2023.

Langley, Surrey, and White Rock Highlights

Among the 11 municipalities in the Fraser Valley, Langley, Surrey, and White Rock are some of the most popular and sought-after areas for home buyers. Here are some of the highlights for these three areas in February 2024:

• Langley: There were 287 home sales in Langley, up 24.3% from January 2024, and up 16.8% from February 2023. The benchmark price for all property types was $1,052,900, up 0.7% from January 2024, and up 2.7% from February 2023. The sales-to-active listings ratio was 31.8%, indicating a strong seller’s market.
• Surrey: There were 534 home sales in Surrey, up 23.8% from January 2024, and up 11.3% from February 2023. The benchmark price for all property types was $1,016,300, up 0.5% from January 2024, and up 1.8% from February 2023. The sales-to-active listings ratio was 25.9%, indicating a seller’s market.
• White Rock: There were 97 home sales in White Rock, up 20.3% from January 2024, and up 10.2% from February 2023. The benchmark price for all property types was $1,179,400, up 0.4% from January 2024, and up 1.6% from February 2023. The sales-to-active listings ratio was 19.4%, indicating a balanced market.

Conclusion

The Fraser Valley real estate market has been showing positive signs of recovery in the first two months of 2024, with increased sales, new listings, and prices. The market conditions vary by property type and area, but overall, the Fraser Valley remains a seller’s market, with high demand and low supply. Buyers who are looking to purchase a home in the Fraser Valley should be prepared to act quickly and competitively, while sellers who are looking to sell their home should take advantage of the favourable market conditions and the upcoming spring season.

If you are interested in buying or selling a home in the Fraser Valley, or if you have any questions about the market trends and statistics, please feel free to contact me. I would love to help you with your real estate needs and goals.