SURREY, British Columbia, Aug. 02, 2024 (GLOBE NEWSWIRE) -- Sluggish seasonally-adjusted sales and a continued rise in inventory has the Fraser Valley market slowly shifting to favour buyers.
The Fraser Valley Real Estate Board recorded 1,230 sales in July, down by seven per cent over last month and down by 26 per cent over the 10-year seasonal average.
Inventory levels in the Fraser Valley reached a 10-year seasonally adjusted high in July with active listings at 8,731, up 5 per cent over June and 41 per cent higher than July 2023.
“Amidst an overall balanced market, some REALTORS® are experiencing pockets within the Fraser Valley that favour buyers, where prices have come down,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “This is evident in the amount of time buyers have to view a property before considering making an offer. Properties that are well-priced are selling quickly, suggesting motivated buyers are active in the market despite the slowdown.”
New listings were flat in July, down by less than half a per cent from June, to 3,412. With a sales-to-active listings ratio of 14 per cent, overall market conditions are balanced. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.
“Despite back-to-back policy rate cuts by the Bank of Canada, many first-time homebuyers are still facing challenging market conditions — high interest rates, the mortgage stress test and the need for a substantial down payment,” said FVREB CEO, Baldev Gill. “While we wait for the rate cuts to take effect, we encourage anyone looking to buy or sell to speak with a professional REALTOR®, who has the knowledge and expertise to navigate the current market.”
Across the Fraser Valley in July, the average number of days to sell a single-family detached home was 31, while for a condo it was 28. Townhomes took, on average, 25 days to sell.
Benchmark prices in the Fraser Valley dipped slightly in July, with the composite Benchmark price below $1 million for the first time since January 2024. The composite Benchmark price in the Fraser Valley is $999,100.
MLS® HPI Benchmark Price Activity
- Single Family Detached: At $1,529,600, the Benchmark price for an FVREB single-family detached home increased 0.1 per cent compared to June 2024 and decreased 0.5 per cent compared to July 2023.
- Townhomes: At $848,800, the Benchmark price for an FVREB townhome decreased 0.3 per cent compared to June 2024 and decreased 0.1 per cent compared to July 2023.
- Apartments: At $551,000, the Benchmark price for an FVREB apartment/condo remained flat compared to June 2024 and decreased 0.3 per cent compared to July 2023.
The Fraser Valley Real Estate Board is an association of 5,190 real estate professionals who live and work in the BC communities of Abbotsford, Langley, Mission, North Delta, Surrey, and White Rock.
| Contact Nikki Hewitt, Senior Communications Specialist Fraser Valley Real Estate Board | nikki.hewitt@fvreb.bc.ca Telephone: 604.930.7654 www.fvreb.bc.ca FVREB Stats |
A photo accompanying this announcement is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/322c5099-185b-4d53-a0ae-02168ff50a4f
