Fraser Valley Monthly Statistics Package March 2024

by Vishav Brar

In Surrey, BC, as we head into the spring market, home buyers in the Fraser Valley find themselves with a wealth of options, as inventory levels for March have reached their highest point in the last five years. However, March sales fell short of expectations, with 1,395 transactions recorded on the Fraser Valley Real Estate Board’s Multiple Listings Service® (MLS®). This marks a 13% increase over February but still stands 31% below the 10-year average. In fact, March sales were the second lowest recorded for the month in the past decade. Active listings have surged to 6,197, showing an 11% increase over the previous month and a significant 37% rise compared to March 2023.

Jeff Chadha, Chair of the Fraser Valley Real Estate Board, notes, "With inventory on the rise, buyers now have greater opportunities in both detached and attached markets compared to this time last year." Nonetheless, some buyers may be holding back, waiting for further stability in the financing landscape before diving back into the market.

March saw a 7% increase in new listings, totaling 2,986, yet this figure remains 12% below the 10-year average. The sales-to-active listings ratio, at 23%, indicates that the overall market conditions still favor sellers. Typically, a balanced market is indicated by a ratio ranging from 12% to 20%.

Baldev Gill, CEO of FVREB, emphasizes the importance for sellers to leverage the expertise of a professional REALTOR®, as appropriately priced properties are fetching multiple offers and selling swiftly. Gill encourages both buyers and sellers to engage with local REALTORS® who can navigate the evolving market dynamics and safeguard their interests.

Moreover, the average number of days homes spend on the market continues to decrease. Single-family detached homes spend an average of 27 days, down from 35 days in February, while apartments and townhomes are also moving faster, spending 26 and 20 days on the market respectively.

Benchmark prices have seen a modest increase, rising by 1.4% from February and by 4.6% compared to March 2023.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,517,100, the Benchmark price for an FVREB single-family detached home increased 2.1 per cent compared to February 2024 and increased 8.8 per cent compared to March 2023.
Townhomes: At $846,900, the Benchmark price for an FVREB townhome increased 1.9 per cent compared to February 2024 and increased 7.2 per cent compared to March 2023.
Apartments: At $555,000, the Benchmark price for an FVREB apartment/condo increased 1.6 per cent compared to February 2024 and increased 6.9 per cent compared to March 2023.