Real estate activity is heating up across the Lower Mainland, with sales and new listings increasing in Metro Vancouver and throughout the Fraser Valley.
Metro Vancouver Market Update:
While Metro Vancouver home sellers seemed somewhat hesitant in January, February witnessed a notable increase of 31% in new listings compared to the previous year. This surge brought a significant number of newly listed properties to the market, offering buyers more options as we transition into the spring and summer markets.
According to the Greater Vancouver REALTORS® (GVR), residential sales in the region totaled 2,070 in February 2024, marking a 13.5% increase from February 2023. However, this figure remained 23.3% below the 10-year seasonal average of 2,699.
Vancouver detached home sales in February 2024 reached 560, up 8.3% from February 2023, with the benchmark price at $1,972,400. Apartment home sales totaled 1,092, reflecting a 17.7% increase from February 2023, with a benchmark price of $770,700. Attached home sales totaled 403, a 10.1% increase from February 2023, with a benchmark price of $1,094,700.
The market dynamics indicate modest price growth across all segments.
Fraser Valley Market Update:
In February, home sales in the Fraser Valley experienced a second consecutive increase, reflecting a positive trend as new listings continue to rise slightly above the 10-year seasonal average.
The Fraser Valley Real Estate Board reported 1,235 transactions on its Multiple Listing Service® (MLS®) in February, marking a notable 32% surge from January. However, it remains 21% below the 10-year average for sales in the region. Concurrently, new listings surged to 2,797 in February, reflecting an 18% increase from January and a 4% increment above the 10-year average.
The average duration homes spend on the market is declining. Single-family detached homes averaged 35 days on the market, down from 44 days in January, while apartments and townhomes saw respective reductions to 29 days (from 41) and 28 days (from 33).
Following six months of declines, Benchmark prices in February registered a modest uptick, rising by 0.9% from January and 4.8% compared to February 2023.
Key Benchmark Price Activity:
- Single Family Detached: $1,485,600
- Townhomes: $831,000
- Apartments: $546,100
In summary, the Fraser Valley real estate market shows signs of resilience and potential growth.
South Surrey & White Rock Spotlight:
In South Surrey & White Rock, Detached Homes are in balanced market conditions, at an 18% sales ratio (1.8 in 10 homes selling). The most active price band is the $1,500,000 – $1,750,000 range. Average sale price has risen to $1,807,500. In the luxury segment, there are currently 18 homes listed above $5 million.
Attached homes in South Surrey & White Rock continue to sit in Sellers Market territory, with 3.4 in 10 homes selling. The most active price band is the $400,000 – $500,000 range. Average sale price has increased slightly to $788,000.
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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
LEARN ABOUT OUR LUXURY MARKETING EXPERTISE
Alex K. Liang: 604-817-5179 | Parm Pooni: 604-657-1742
