February 2024 Fraser Valley Real Estate Market Update

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Welcome to our February 2024 update on the Fraser Valley real estate scene! 🌷 With spring just around the corner, there's a noticeable buzz in the market. Today, we're breaking down the latest in sales, new listings, and how prices are moving. We're tackling the big question: Are we leaning towards a buyer's or a seller's market right now? Plus, we're looking at how long homes are staying on the market before they're snapped up.
Having spent quite some time with our boots firmly on the ground, it's clear the market's warming up - and we've got the numbers to prove it.
Sales have surged by a whopping 32%, with 1,235 properties changing hands. That's a significant leap from January, though it's worth noting we're still 21% shy of the 10-year average. It's an interesting trend we've spotted in these early months of 2024, hinting at potential growth on the horizon.
On the new listings front, there's been an 18% increase, bringing us to a total of 2,797 listings. That's nudging 4% above the 10-year average, which is great news for keeping the market vibrant and moving, especially with more and more multiple offer situations popping up.
💲 And what about prices? They're on the rise, up nearly 5%! Here's the lowdown by property type:
Single-family homes have seen a 1.3% bump, now sitting at $1.485 million.
Townhomes are up by 0.7%, reaching $831,000.
Condos have climbed by 1.2%, now at $546,100.
This uptick marks the first monthly price increase we've seen in seven months. It seems many buyers are betting that we've hit the bottom and are jumping in before any potential interest rate drops kick prices up further.
Right now, it is pointing towards a seller's market, with the sales to active listings ratio hanging around 22%. We've gone deep in this video, dissecting what these shifts mean for you, whether you're thinking of buying or selling.
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