As 2024 came to a close, the Fraser Valley real estate market remained steady with balanced conditions despite seasonal slowdowns. The Fraser Valley Real Estate Board (FVREB) reported 994 sales in December, marking a 13% month-over-month decrease yet an 18.8% increase compared to December 2023. Although affordability continues to challenge many buyers, interest rate cuts and increased listings hint at potential improvements in 2025.
New Listings & Inventory
New listings fell sharply to 1,288, a 46% drop from November but a significant 36.7% increase year-over-year. Active listings decreased by 23%, ending December with 6,285 homes on the market, reflecting a 34.6% year-over-year rise. The sales-to-active listings ratio of 16% kept the market in balance, providing opportunities for both buyers and sellers.
MLS® HPI Benchmark Price Activity
Price trends remained consistent with previous months, showcasing moderate shifts:
Detached Homes: The benchmark price was $1,480,400, a minor 0.1% month-over-month decrease but a 0.9% increase year-over-year.
Townhomes: Prices declined by 0.9% from November, settling at $827,900, up 0.3% year-over-year.
Apartments: Benchmark prices dropped to $533,900, reflecting a 0.4% month-over-month decrease and a 0.2% dip year-over-year.
Average Days on Market
Properties took slightly longer to sell in December, reflecting the seasonal lull:
Single-family homes: Remained steady at 43 days.
Townhomes: Increased to 36 days, up from 33 in November.
Condos: Averaged 38 days, up from 36 days in the previous month.
Regional Highlights
Abbotsford: Detached home prices rose to $1,195,200, a 2.6% year-over-year increase.
Mission: The benchmark price for detached homes was $1,023,000, reflecting a 4.2% annual gain.
Surrey: North Surrey detached homes saw a 1.9% year-over-year price increase, with benchmark prices at $1,472,900.
Market Outlook
Looking ahead to 2025, the Fraser Valley market is poised for potential growth, supported by anticipated regulatory changes like extended amortization periods and reduced down payment requirements. These initiatives, coupled with ongoing interest rate cuts, may provide a more accessible pathway for first-time buyers while maintaining balanced conditions for sellers. For personalized advice on navigating the current market, feel free to get in touch!
Source: Fraser Valley Real Estate Board