SURREY, BC<\/strong> \u2013 Home sales in the Fraser Valley posted a second consecutive bump in February as new listings continue to rise and trend slightly above the 10-year seasonal average.<\/p>\r\nThe Fraser Valley Real Estate Board recorded 1,235 transactions on its Multiple Listing Service\u00ae (MLS\u00ae) in February, a 32 per cent increase over January but still 21 per cent below the 10-year average for sales in the region. New listings increased to 2,797 in February, up 18 per cent from January and 4 per cent above the 10-year average.<\/p>\r\n
\u201cThere is somewhat of a buzz in the market right now,\u201d said Narinder Bains, Chair of the Fraser Valley Real Estate Board. \u201cWe are seeing new listings come onto the market and REALTORS\u00ae continue to see more traffic at open houses, however buyers are still exercising caution. We aren\u2019t out of the woods just yet, but the signs are pointing to a further increase in activity as we head into spring.\u201d<\/p>\r\n
Active listings in February were 5,561, up by 14 per cent over last month and up by 26 per cent over February 2023. With a sales-to-active listings ratio of 22 per cent, overall market conditions are edging into a seller\u2019s market. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.<\/p>\r\n
\u201cAll indications suggest we will see the Bank of Canada\u2019s overnight rate begin to decrease mid-year, which is encouraging for buyers and sellers,\u201d said FVREB CEO Baldev Gill. \u201cWith that confidence and the spring market on the horizon, we recommend anyone looking to buy or sell to seek the knowledge and guidance of a professional REALTOR\u00ae who can provide detailed analysis and intimate knowledge of the local market.\u201d<\/p>\r\n
The average number of days homes are spending on the market is dropping, with single-family detached homes spending 35 days on the market, down from 44 days in January, apartments spending 29 days on the market, down from 41 days in January and townhomes moving more quickly at 28 days, down from 33 days on the market in January.<\/p>\r\n
After six months of decreases, overall Benchmark prices posted a slight bump in February, edging up 0.9 per cent from January and up 4.8 per cent over February 2023.<\/p>\r\n
MLS\u00ae HPI Benchmark Price Activity<\/p>\r\n
\u2022 Single Family Detached: At $1,485,600, the Benchmark price for an FVREB single-family detached home increased 1.3 per cent compared to January 2024 and increased 8.4 per cent compared to February 2023.<\/p>\r\n
\u2022 Townhomes: At $831,000, the Benchmark price for an FVREB townhome increased 0.7 per cent compared to January 2024 and increased 6.7 per cent compared to February 2023.<\/p>\r\n
\u2022 Apartments: At $546,100, the Benchmark price for an FVREB apartment\/condo increased 1.2 per cent compared to January 2024 and increased 7.2 per cent compared to February 2023.<\/p>\r\n\r\n\r\n\r\n
Find the February 2024 Statistics Package HERE.<\/a>\u00a0<\/span><\/strong><\/p>","protected":false},"excerpt":{"rendered":"Sales, listings continue to pick up heading into spring See Listed Properties For Sale in Langley BC If you are considering selling, buying or just have …<\/p>\n","protected":false},"author":2,"featured_media":71947,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,64,1],"tags":[],"class_list":["post-71944","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog-post","category-monthly-market-updates","category-uncategorized"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t