Courtesy of Nav Khela

Modest increase in April home sales in the Fraser Valley takes lead from cooler spring weather

$561,900 apartment UP 5.7% year-to-year

$1,532,700 detached UP 5.3% year-to-year

7,313 ACTIVE LISTINGS

$854,700 townhouse UP 4.9% year-to-year

BENCHMARK PRICES

apartment 1,741 1,065 townhouse

detached 2,655

1,471 SOLD LISTINGS

5.0 MONTHS OF INVENTORY

3,976 NEW LISTINGS

20.0% SALES TO ACTIVE LISTING RATIO

BC, May 2, 2024 – Supply of available homes in the Fraser Valley market continued to build last month, however buyers remained relatively hesitant, leading to a cooler resale market in April. The Fraser Valley Real Estate Board recorded 1,471 transactions on its Multiple Listings Service ® (MLS ® ) in April. “We are seeing a relatively calm and balanced market right now,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “Which means buyers have time to shop around and purchase a home without the pressure of a few years ago, and while prices are holding fairly steady across all property types.” New listings helped bolster overall inventory, increasing to 3,976. With a sales-to-active listings ratio of 20 per cent, overall market conditions are balanced.

The average number of days homes are spending on the market continues to decline, with single-family detached homes and apartments spending 23 days on the market and townhomes moving more quickly at 19 days, on the market. At $1,532,700, the Benchmark price for an FVREB single-family detached home increased 5.3 per cent compared to April 2023. At $854,700, the Benchmark price for an FVREB townhome increased 4.9 per cent compared to April 2023. At $561,900, the Benchmark price for an FVREB apartment/condo increased 5.7 per cent compared to April 2023. Statistics reflect market activity in April 2024 | Source: FVREB ® Fraser Valley Real Estate Board | Market values stated are of the benchmark of Fraser Valley and surrounding region. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

NAV KHELA REALTOR ® , PREC Cell: Office: Email: Website: 604.700.8568 778-387-0367 nav.khela@exprealty.com navkhela.ca

Privacy Disclosure: We respect your privacy. The sponsor indicated on the front panel provides a complimentary subscription of this publication to you, a valued client. If at any time or for any reason you do not want to receive this publication, please contact the sponsor using any of the contact info on the front panel, and your personal information will be removed from the mailing list immediately. Without response to this cancellation offer, we assume your implied consent and permission to continue provision. Disclaimer: This publication is distributed for the purpose of information only. It is not intended to solicit buyers or sellers currently under contract by a real estate firm or under contract with another Broker or Mortgage Specialist, nor is it intended to cause or induce breach of any existing agreement. Distributed by: dmsmarketing.ca Copyright© 2024 All Rights Reserved / Printed on recyclable material. The trademarks REALTOR ® , REALTORS ® and the REALTOR ® logo are controlled by CREA and identify real estate professionals who are members of CREA. Privacy Disclosure: We respect your privacy. The sponsor indicated on the front panel provides a complimentary subscription of this publication to you, a valued client. If at any time or for any reason you do not want to receive this publication, please contact the sponsor using any of the contact info on the front panel, and your personal information will be removed from the mailing list immediately. Without response to this cancellation offer, we assume your implied consent and permission to continue provision. Disclaimer: This publication is distributed for the purpose of information only. It is not intended to solicit buyers or sellers currently under contract by a real estate firm or under contract with another Broker or Mortgage Specialist, nor is it intended to cause or induce breach of any existing agreement. Distributed by: dmsmarketing.ca Copyright© 2024 All Rights Reserved / Printed on recyclable material. The trademarks REALTOR ® , REALTORS ® and the REALTOR ® logo are controlled by CREA and identify real estate professionals who are members of CREA.

Made with FlippingBook flipbook maker