Slower seasonal sales helped build inventory to its highest level since September 2019 in the Fraser Valley in May, creating more balanced market conditions for home buyers and sellers. The increase in supply over the past several months has further contributed to a softening of price growth, which is good news for buyers.
Active listings increased eight per cent from April to May to 7,904 — up 42 per cent over May 2023 and 19 per cent above the 10-year average.
Sales, however, remained seasonally slow, with 1,517 transactions on the Fraser Valley Real Estate Board’s Multiple Listings Service ® (MLS®) in May, up 3 per cent from April, but down 11 per cent compared to May 2023. May sales were 21 per cent below the 10-year average.
enchmark prices in the Fraser Valley remained flat in May, with the composite Benchmark price down 0.2 percent from April and down 0.8 per cent from May 2023.
MLS® HPI Benchmark Price Activity
- Single Family Detached: At $1,530,200, the Benchmark price for an FVREB single-family detached home increased 0.2 per cent compared to April 2024 and increased 2.9 per cent compared to May 2023.
- Townhomes: At $853,800, the Benchmark price for an FVREB townhome decreased 0.03 per cent compared to April 2024 and increased 3.4 per cent compared to May 2023.
- Apartments: At $555,100, the Benchmark price for an FVREB apartment/condo decreased 0.1 per cent compared to April 2024 and increased 2.9 per cent compared to May 2023.
South Surrey & White Rock Spotlight:
In South Surrey & White Rock, Detached Homes are in balanced market conditions, at an 16% sales ratio (1.6 in 10 homes selling). The most active price band is the $1,250,000 – $1,500,000 range. Average sale price sits at $1,775,000. In the luxury segment, there are currently 25 properties listed above $5 million.
Attached homes in South Surrey & White Rock continue to sit in Sellers Market territory, with 3 in 10 homes selling. The most active price band is the $400,000 – $500,000 range. Average sale price sits at $822,500.
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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
