Fraser Valley Real Estate Market Update: April 2024 Sees Modest Growth and Balanced Conditions
The Fraser Valley real estate market in April showed a slight uptick in home sales despite cooler spring weather. The Fraser Valley Real Estate Board (FVREB) reported 1,471 transactions on its MLS® last month, a 5% increase from March but a 5% decrease compared to April 2023. Although sales rose, buyer activity remained cautious, impacting the resale market’s dynamics.
Key Takeaways
- Home sales increased by 5% compared to March 2024.
- Inventory levels are up, providing buyers with more options.
- Benchmark prices edged slightly higher across all property types.
- The market is experiencing a balanced environment with a sales-to-active listings ratio of 20%.
Market Activity Picks Up Despite Buyer Caution
The Fraser Valley Real Estate Board (FVREB) recorded a 5% increase in home sales in April compared to the previous month. However, sales activity remained 5% lower compared to April 2023. This indicates a cautious buyer market, likely influenced by recent interest rate hikes from the Bank of Canada.
Inventory Levels on the Rise
Inventory in the Fraser Valley market continued to climb in April, reaching its highest level since September 2020. Active listings increased by 18% compared to March, bringing the total to 7,313 properties. This increase is 17% higher than the 10-year average. The rise in available homes has created a more balanced market, allowing buyers time to explore options without the pressure of bidding wars common in previous years.
New Listings Surge, Bolstering Overall Inventory
New listings played a significant role in the rising inventory levels, with a notable 33% increase in April compared to March. This brings the total number of new listings to 3,976. Despite the abundance of choices, potential buyers remain cautious, likely due to factors like interest rates. The sales-to-active listings ratio, a key metric for market balance, currently sits at 20%, indicating a stable market where neither buyers nor sellers have a clear advantage.
Sellers Advised to Consult Professionals
FVREB CEO Baldev Gill advises sellers to navigate the current market with guidance from a professional. He highlights the importance of consulting a REALTOR® and a financial professional to understand the current lending landscape and determine the best course of action.
Faster Sales Cycles Point to Buyer Interest
The average number of days homes spend on the market continues to decline, reflecting a healthy pace of transactions. Single-family detached homes went off the market in 23 days on average, down from 27 days in March. Apartments and townhomes also saw a decrease in days on market, indicating sustained buyer interest across property types.
Modest Price Growth Across Property Types
Benchmark prices in the Fraser Valley edged up slightly in April. Here’s a breakdown of the benchmark prices for different property types:
- Single Family Detached: The benchmark price for a single-family detached home reached $1,532,700, reflecting a 1% increase from March and a 5.3% increase compared to April 2023.
- Townhomes: Townhomes saw a 0.9% increase compared to March 2024 and a 4.9% increase compared to April 2023, with a benchmark price of $854,700.
- Apartments: Apartment benchmark prices reached $561,900, reflecting a 1.2% increase from March and a 5.7% increase from April 2023.
A Balanced Market Presents Opportunities
Despite these modest price increases, the market remains relatively stable, offering opportunities for both buyers and sellers. If you’re considering buying or selling a home in the Fraser Valley, connect with the Eleanor Wrigley Team at https://eleanorwrigley.com/. With our expertise in the Langley and Fraser Valley real estate market, we can guide you through the process and help you achieve your real estate goals.
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The Eleanor Wrigley Team is committed to providing our clients with the latest market updates and insights. Whether you’re a buyer or seller, we can help you make informed decisions in today’s market. Contact us today for a free consultation!