{"id":77712,"date":"2024-02-02T12:52:36","date_gmt":"2024-02-02T20:52:36","guid":{"rendered":"https:\/\/www.vancouvernewcondos.com\/?p=77712"},"modified":"2024-02-02T13:19:50","modified_gmt":"2024-02-02T21:19:50","slug":"january-2024-fraser-valley-real-estate-board-statistics","status":"publish","type":"post","link":"https:\/\/www.vancouvernewcondos.com\/january-2024-fraser-valley-real-estate-board-statistics\/","title":{"rendered":"January 2024 Fraser Valley Real Estate Board Statistics"},"content":{"rendered":"\n
\"FVREB<\/figure>\n\n\n\nFVREB January 2024 Statistics<\/a>\n\n\n

January 2024 Fraser Valley Real Estate Board Statistics – Signs of stability in Fraser Valley housing market<\/span><\/h2>\n

SURREY, BC \u2013 The Fraser Valley real estate market showed signs of recovery in January as home sales rose after six consecutive months of decline, and new listings more than doubled.<\/p>\n

The Fraser Valley Real Estate Board<\/a> recorded 938 transactions on its Multiple Listing Service\u00ae (MLS\u00ae) in January, a 12 per cent increase over December and below the 10-year average for sales in the region.<\/p>\n

At 2,368, new listings increased 151 per cent in January, rebounding strongly from the seasonal lull seen in December. This is the largest month-over-month percentage increase in new listings in five years.<\/p>\n

\u201cWith January sales on the rise, we are seeing hopeful signs that optimism is returning to the market,\u201d said Narinder Bains, Chair of the Fraser Valley Real Estate Board. \u201cAnticipating 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.\u201d<\/p>\n

Active listings in January were 4,877, up by 4 per cent over last month and up by 18 per cent over January 2023. The sales-to-active listings ratio was 19 per cent, representing balanced conditions in the overall market. Detached houses are in balanced market territory at 19 per cent, while both townhomes and apartments remain in seller\u2019s market territory at 34 and 27 per cent respectively. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.<\/p>\n

\u201cCurrent balanced market conditions present opportunities for both buyers and sellers,\u201d said FVREB CEO, Baldev Gill. \u201cIn today\u2019s 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\u00ae.\u201d<\/p>\n

The average number of days homes are spending on the market has been increasing since October, with single family detached homes spending 44 days on the market, apartments spending 41 days on the market and townhomes moving more quickly at 33 days.<\/p>\n

Overall Benchmark prices continued to edge downward for the sixth month in a row, losing less than half a per cent from December, and down six per cent from the 12-month peak in July.<\/p>\n

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MLS\u00ae HPI Benchmark Price Activity<\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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