{"id":72042,"date":"2024-04-04T11:52:11","date_gmt":"2024-04-04T15:52:11","guid":{"rendered":"https:\/\/www.schreders.ca\/blog\/?p=72042"},"modified":"2024-07-03T15:09:10","modified_gmt":"2024-07-03T19:09:10","slug":"fraser-valley-real-estate-market-march-2024","status":"publish","type":"post","link":"https:\/\/www.schreders.ca\/blog\/fraser-valley-real-estate-market-march-2024\/","title":{"rendered":"Fraser Valley Real Estate Market March 2024"},"content":{"rendered":"

March home sales growth off last month\u2019s pace, but supply still building in the Fraser Valley<\/p>\r\n

The Fraser Valley Real Estate market saw a surge in buyers in February that had many believing we were about to shoot out of a cannon into the Spring Market, however, this demand seemed to subside a bit in March.\u00a0 This is mostly attributed to less consumer confidence with respect to the Bank of Canada’s timeline for interest rate drops.\u00a0 As such, sales were still the second lowest recorded in a decade for the month. What many people are missing is that the fixed rates offered by lenders have decreased significantly in the last few months.\u00a0 Inventory steadily increased throughout March and we expect it to do so even more in April. This combined increase in options and hesitancy with buyers has most markets in balanced territory.\u00a0 We like balance; there are opportunities for both buyers and sellers.\u00a0 Give us a call to find yours<\/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 \u2013 Home buyers in the Fraser Valley have more choice heading into the spring market with inventory levels for March at the highest they\u2019ve been in the past five years.<\/p>\r\n

However, March sales were slower than anticipated with 1,395 transactions recorded on the Fraser Valley Real Estate Board\u2019s Multiple Listings Service\u00ae (MLS\u00ae), a 13 per cent increase over February, but still 31 per cent below the 10-year average. Sales were the second lowest recorded for a March in a decade. Active listings were 6,197, up by 11 per cent over last month and by 37 per cent over March 2023.<\/p>\r\n

\u201cWith inventory building, buyers now have more opportunities in both the detached and attached markets compared to one year ago,\u201d said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. \u201cHowever, despite increased options, some buyers may still be waiting on the sidelines for the financing landscape to further settle before they feel comfortable getting back into the market.\u201d<\/p>\r\n

New listings increased 7 per cent in March, to 2,986 but remain 12 per cent below the 10-year average. With a sales-to-active listings ratio of 23 per cent, overall market conditions remain in seller\u2019s market territory. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.<\/p>\r\n

\u201cDespite slower than anticipated sales in March, sellers who draw on the knowledge and expertise of a professional REALTOR\u00ae to help price their property appropriately, are, in some cases, getting multiple offers and are seeing their property move quickly,\u201d said FVREB CEO Baldev Gill. \u201cThat\u2019s why we always encourage buyers and sellers to work with their local REALTOR\u00ae who understands the changing market conditions and can protect their interests.\u201d<\/p>\r\n

The average number of days homes are spending on the market continues to decline, with single-family detached homes spending 27 days on the market, down from 35 days in February, apartments spending 26 days on the market, down from 29 days in February and townhomes moving more quickly at 20 days, down from 28 days on the market in February.\u00a0<\/p>\r\n

Overall Benchmark prices edged up again in March, by 1.4 per cent from February and up 4.6 per cent over March 2023.<\/p>\r\n

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

\u2022 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.<\/p>\r\n

\u2022 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.<\/p>\r\n

\u2022 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.<\/p>\r\n\r\n\r\n\r\n

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

March home sales growth off last month\u2019s pace, but supply still building in the Fraser Valley The Fraser Valley Real Estate market saw a surge in …<\/p>\n","protected":false},"author":2,"featured_media":72046,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,27,10,64,116,40],"tags":[],"class_list":["post-72042","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog-post","category-featured","category-langley","category-monthly-market-updates","category-real-estate-news","category-surrey"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/posts\/72042","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=72042"}],"version-history":[{"count":5,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/posts\/72042\/revisions"}],"predecessor-version":[{"id":72050,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/posts\/72042\/revisions\/72050"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/media\/72046"}],"wp:attachment":[{"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/media?parent=72042"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/categories?post=72042"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/tags?post=72042"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}