Sales, Listings continue to pick up heading into spring ..
In February, the Fraser Valley Real Estate Board recorded 1,235 transactions on its Multiple Listing Service® (MLS®), showing a 32% increase from January. But these numbers are still 21% lower than the average sales over the past decade. At the same time, new listings increased to 2,797 in February, up by 18% from January and 4% above the average for the past 10 years.
Active listings reached 5,561, marking a 14% increase from the previous month and a significant 26% rise compared to February 2023 signaling a growing inventory With a sales-to-active listings ratio of 22%, the market is leaning towards becoming a seller’s market.
Anticipated decrease in the Bank of Canada’s overnight rate mid-year is expected to further stimulate market activity and is encouraging for buyers and seller’s.
The amount of time homes are sitting on the market is decreasing, with single-family detached homes now at 35 days, down from 44 days in January. Apartments spend 29 days, down from 41 days, and townhomes move faster at 28 days, down from 33 days in January.
After a six-month decline, overall Benchmark prices saw a slight increase in February, rising by 0.9% from January and marking a 4.8% increase over February 2023.
MLS® HPI Benchmark Price Activity
- Single Family Detached: At $1,485,600, the Benchmark price for an FVREB single-family detached home increased 1.3 per cent compared to January 2024 and increased 8.4 per cent compared to February 2023.
- Townhomes: At $831,000, the Benchmark price for an FVREB townhome increased 0.7 per cent compared to January 2024 and increased 6.7 per cent compared to February 2023.
- Apartments: At $546,100, the Benchmark price for an FVREB apartment/condo increased 1.2 per cent compared to January 2024 and increased 7.2 per cent compared to February 2023.
If you have any further questions or would like more information about these Stats, feel free to reach out to us!
Resource: The Fraser Valley Real Estate Board