2024 has gotten off to a strong start, with market activity increasing across all areas of the lower mainland.
Metro Vancouver Market Update:
While the Metro Vancouver market ended 2023 in balanced territory, conditions in January began shifting back in favour of sellers. The pace of newly listed properties did not keep up with the volume of home sales, indicating a favourable environment for sellers.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales in the region totalled 1,427 in January 2024, marking a substantial 38.5 per cent increase from January 2023. However, January’s sales were 20.2 per cent below the 10-year seasonal average, highlighting the unique dynamics of the current market.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver currently stands at $1,161,300. This represents a 4.2 per cent increase over January 2023 and a slight 0.6 per cent decrease compared to December 2023.
Fraser Valley Market Update:
In the Fraser Valley, the real estate market showed promising signs of recovery in January. After six consecutive months of decline, home sales rose, and new listings more than doubled, indicating renewed activity in the region.
The Fraser Valley Real Estate Board recorded 938 transactions on its Multiple Listing Service® (MLS®) in January, reflecting a 12 per cent increase over December. While this figure is below the 10-year average for sales in the region, it signifies positive momentum in the market.
New listings in the Fraser Valley surged to 2,368 in January, marking a remarkable 151 per cent increase from December. This rebound in new listings represents the largest month-over-month percentage increase in five years, demonstrating renewed confidence among sellers.
The sales-to-active listings ratio was 19 per cent, representing balanced conditions in the overall market.
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As we navigate these dynamic market conditions together, we remain committed to providing you with expert guidance and support. Whether you’re considering buying, selling, or simply seeking insights into market trends, please don’t hesitate to reach out.
Thank you for entrusting us with your real estate needs. We look forward to assisting you in achieving your goals!
– Alex and Parm
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Alex K. Liang: 604-817-5179 | Parm Pooni: 604-657-1742
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