September 2024 Fraser Valley Real Estate Board Statistics
September 2024 Fraser Valley Real Estate Board Statistics – Sluggish sales and rising inventories see Fraser Valley moving toward a buyer’s market
SURREY, BC – With active inventories hitting levels not seen in 10 years and sales 30 percent below the 10-year average, Fraser Valley real estate is building towards a buyer’s market if sales continue to lag.
The Fraser Valley Real Estate Board recorded 982 sales in September, down by eight percent over August and by more than 10 percent over September 2023. Again, seasonally adjusted sales were the second slowest in a decade in the Fraser Valley.
“With three rate cuts already and more expected before the end of the year, buyers are watching the market closely to time their purchasing decisions,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “The current conditions should favor buyers, particularly in the detached market; however, until we start to see some movement in asking prices, properties will continue to sit on the market for extended periods as both buyers and sellers await the next rate announcement.”
New listings rose in September, up 21 percent to 3,352, an increase of 17 percent year-over-year. Overall inventory increased five percent from August to September to 9,045, up 39 percent over last year. The combination of declining sales and rising inventories has helped to create balanced, and in some cases, buyers’ market conditions in the Fraser Valley.
“We know the demand is there among Fraser Valley buyers,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “After months on the sidelines, buyers want to get into the market but many also need to sell before they can buy. When you factor in affordability challenges and the anticipation of more interest rate cuts, we are seeing persistent weakness in the market. In conditions like these, we encourage buyers and sellers alike to talk to their REALTOR® to assess the risks and opportunities before making a decision.”
Across the Fraser Valley in September, the average number of days to sell a single-family detached home was 35, while for a condo it was 37. Townhomes took, on average, 30 days to sell.
Benchmark prices in the Fraser Valley dipped again in September, with the composite Benchmark price down 1.4 percent to $978,800.
MLS® HPI Benchmark Price Activity:
- Single Family Detached: At $1,501,100, the Benchmark price for an FVREB single-family detached home decreased 1.5 percent compared to August 2024 and decreased 1.3 percent compared to September 2023.
- Townhomes: At $834,400, the Benchmark price for an FVREB townhome decreased 1.4 percent compared to August 2024 and decreased 1.6 percent compared to September 2023.
- Apartments: At $545,000, the Benchmark price for an FVREB apartment/condo decreased 0.2 percent compared to August 2024 and increased 0.4 percent compared to September 2023.
Statistics for Related Areas
- Vancouver Real Estate Stats
- Victoria Real Estate Stats
- Okanagan Real Estate Stats
- Nanaimo Real Estate Stats
