The spring real estate market in the Fraser Valley is off to its slowest start in over 15 years, with home sales falling well below historical norms.
The Fraser Valley Real Estate Board (FVREB) reported 1,036 home sales in March, a modest 13% increase from February, but still 26% below March 2024 levels and nearly 50% under the 10-year seasonal average.
Inventory Rises, Sales Lag
After a dip in February, new listings rose 22% in March to 3,800. Total active listings hit 9,219, marking the highest inventory level in a decade—up 49% year-over-year and 59% above the 10-year average.
Market Conditions: Buyer-Friendly
With a sales-to-active listings ratio of 11%, the Fraser Valley remains firmly in a buyer’s market. Typically, the market is considered balanced when the ratio falls between 12% and 20%.
What’s Holding the Market Back?
Economic uncertainty—especially around U.S. tariffs—is creating hesitation on both sides of the transaction.
“Sellers are reluctant to lower prices, while buyers face tighter financing conditions,” said FVREB Chair Tore Jacobsen. “This disconnect is slowing down market activity.”
Average Time to Sell in March:
-
Detached homes: 31 days
-
Condos: 33 days
-
Townhomes: 27 days
Prices Hold Steady
The benchmark price across all property types in the Fraser Valley edged up 0.4% in March to $974,400. While prices are holding relatively firm, today’s market conditions may offer buyers more room to negotiate.
In South Surrey & White Rock, we are seeing strong support for prices, despite the rise in inventory. Well presented and priced homes are still attracting serious buyers, especially around the $1 million price point. Luxury homes over $2 million are taking a longer time to be absorbed on the market, but with patience and perseverance, sellers are achieving successful sales prices, proving the value and strength of our local South Surrey & White Rock real estate market.
In a constantly changing market, expertise, collaboration and perseverance are essential. If you’re thinking of buying or selling this season, contact us to discuss how we can achieve your real estate goals together.
