{"id":71812,"date":"2024-02-02T16:35:28","date_gmt":"2024-02-02T21:35:28","guid":{"rendered":"https:\/\/www.schreders.ca\/blog\/?p=71812"},"modified":"2024-03-07T16:45:04","modified_gmt":"2024-03-07T21:45:04","slug":"fraser-valley-real-estate-market-january-2024","status":"publish","type":"post","link":"https:\/\/www.schreders.ca\/blog\/fraser-valley-real-estate-market-january-2024\/","title":{"rendered":"Fraser Valley Real Estate Market January 2024"},"content":{"rendered":"

Signs of stability in Fraser Valley housing market<\/p>\r\n

January showed signs that things may be turning for the Fraser Valley Real Estate market.\u00a0 Sales were up for the first time in six months and we also saw the largest month-over-month increase in inventory in five years.\u00a0 Despite this increase, inventory still poses a problem, as even this slight surge in demand is seemingly outpacing inventory, creating sellers markets for all product types in many neighbourhoods.\u00a0 In early January this resulted in multiple offers starting to become more common again.\u00a0 Initially, even\u00a0with multiples, most offers would have conditions and seldom went over the asking price.\u00a0 As we progressed through the month though, especially over the last two weeks, we started to see more subject free offers and people going over the asking price.\u00a0 As we enter the spring market, we expect to see increased consumer\u00a0confidence as there is more stability with interest rates. Hopefully, we also see a large number of sellers get off the fence, so that inventory can keep pace with this rebounding demand.\u00a0 With shifts like this in the market comes great opportunity; if you have a well thought out strategy and the right team working for you.\u00a0 Give us a call to see what that looks like for you. \u00a0<\/p>\r\n\r\n\r\n\r\n\r\n\r\n

See Listed Properties For Sale in Langley BC<\/a><\/p>\r\n\r\n\r\n\r\n

If you are considering selling, buying or just have questions about the market<\/strong>, please give us a call today and let\u2019s chat<\/a>.<\/p>\r\n

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What Does The Fraser Valley Real Estate Board Have To Say?<\/p>\r\n\r\n\r\n\r\n

SURREY, BC<\/strong> \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>\r\n

The Fraser Valley Real Estate Board 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>\r\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>\r\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>\r\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>\r\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>\r\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>\r\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>\r\n

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

\u2022 Single Family Detached: At $1,466,100, the Benchmark price for an FVREB single-family detached home decreased 0.4 per cent compared to December 2023 and increased 8.6 per cent compared to January 2023.<\/p>\r\n

\u2022 Townhomes: At $825,600, the Benchmark price for an FVREB townhome decreased 0.1 per cent compared to December 2023 and increased 6.9 per cent compared to January 2023.<\/p>\r\n

\u2022 Apartments: At $539,700, the Benchmark price for an FVREB apartment\/condo increased 0.4 per cent compared to December 2023 and increased 6.5 per cent compared to January 2023.<\/p>\r\n\r\n\r\n\r\n

Find the January 2024 Statistics Package HERE.\u00a0<\/span><\/a><\/strong><\/p>","protected":false},"excerpt":{"rendered":"

Signs of stability in Fraser Valley housing market January showed signs that things may be turning for the Fraser Valley Real Estate market.\u00a0 Sales were up …<\/p>\n","protected":false},"author":2,"featured_media":71814,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,27,10,64,1],"tags":[],"class_list":["post-71812","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog-post","category-featured","category-langley","category-monthly-market-updates","category-uncategorized"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/posts\/71812","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/comments?post=71812"}],"version-history":[{"count":6,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/posts\/71812\/revisions"}],"predecessor-version":[{"id":71950,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/posts\/71812\/revisions\/71950"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/media\/71814"}],"wp:attachment":[{"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/media?parent=71812"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/categories?post=71812"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/tags?post=71812"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}