"Revitalized Momentum: Fraser Valley Real Estate Market Rebounds Strongly from Seasonal Lull"

"Revitalized Momentum: Fraser Valley Real Estate Market Rebounds Strongly from Seasonal Lull"

 Fraser Valley Real Estate Market Shows Signs of Recovery in January

After experiencing six consecutive months of declining home sales, the Fraser Valley real estate market exhibited a noteworthy rebound in January, providing a glimmer of hope for both buyers and sellers. The latest statistics published by the Fraser Valley Real Estate Board (FVREB) on Friday revealed positive trends, breaking the previous downward trajectory.

In January, the Fraser Valley recorded a total of 938 residential sales, marking a significant 12% increase compared to December. This upturn represents the first month-over-month increase following half a year of declines. Additionally, new listings experienced a substantial surge, with 2,368 properties added in January, reflecting a remarkable 151% increase from the previous month and the largest month-over-month spike in five years.

The influx of new listings resulted in a total of 4,877 active listings, showcasing a 4% improvement over December and an 18% increase compared to January 2023. FVREB Chair Narinder Bains expressed optimism, stating, "With January sales on the rise, we are seeing hopeful signs that optimism is returning to the market."

Analyzing the market conditions, the sales-to-new-listings ratio, a key indicator of buyer or seller market preference, now stands at 39.6%, placing it within the buyers' market territory. In terms of the sales-to-active-listings ratio, the overall figure is 19.2%, indicating a balanced market. However, there is some variance among property types, with ratios of 19% for single-detached homes, 34% for townhouses, and 27% for condominiums.

Examining pricing trends, the benchmark price for single-detached homes is now $1,466,100, for townhouses, it is $825,600, and for condominiums, it is $539,700. While these figures represent slight fluctuations from December 2023, they signify year-over-year increases of 8.6%, 6.9%, and 6.5%, respectively.

FVREB CEO Baldev Gill highlighted the current market conditions as presenting opportunities for both buyers and sellers. "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," noted Gill.

Furthermore, FVREB Chair Narinder Bains reported an increase in open house traffic, suggesting growing interest among potential buyers, potentially influenced by anticipation that the Bank of Canada may be nearing the end of its rate hike cycle. The next Bank of Canada interest rate announcement is scheduled for Wednesday, March 6. In the meantime, the Fraser Valley real estate market appears to be entering a more dynamic and balanced phase, offering prospects for those on both sides of the property transaction spectrum.

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Keywords: Explore Fraser Valley's real estate recovery with surging home sales, increased listings, and balanced market conditions, offering strategic opportunities for buyers and sellers in a dynamic pricing landscape.

Source: Fraser Valley Real Estate - January 2024


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