May brings much-needed lift to Fraser Valley housing market
Following a quieter April, the Fraser Valley saw a modest but encouraging uptick in home sales in May, signaling that buyer confidence might be slowly returning to the market. Overall sales were up 13% from April. While still below last year’s levels and the 10-year seasonal average, our overall inventory continues to build, which is great news for buyers, providing more choice in the market. This also means sellers are facing more competition, but homes priced appropriately are still selling. The entire Fraser Valley market currently sits at an 11% sales-to-active listings ratio, indicating a buyer’s market.
While the composite benchmark price across the Fraser Valley saw a slight decrease in May, our local Langley market demonstrated increased activity. We saw a positive increase in sales for both detached homes (up 10.4% from April) and attached properties (up 7% from April). This heightened activity means properties are moving, with homes selling, on average, very close to their list price (99%) and taking a reasonable 22-23 days to sell. It is important to note that with the buildup of inventory, there are many overpriced homes sitting on the market for far too long. Only those priced sharply are attracting buyers of any kind.
For buyers, the increased inventory across the Fraser Valley means you have more options and potentially more time to find the right property. If you’re looking for detached homes in Langley, there are certain pockets and price points that are showing great opportunity. For condos and townhomes there is even greater opportunity as a Buyer.
The market is always evolving, and understanding these trends can make a significant difference in your real estate journey. Whether you’re considering buying, selling, or just curious about what your property might be worth in today’s market, we are here to help you navigate these nuances. Let’s connect for a phone call or a coffee meeting to discuss your unique situation and explore how we can best achieve your real estate goals!
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If you are considering selling, buying or just have questions about the market, please give us a call today and let’s chat.What Does The Fraser Valley Real Estate Board Have To Say?
