The Fraser Valley real estate market saw a shift in February as buyers gained leverage amid increased inventory and softening prices. The Fraser Valley Real Estate Board (FVREB) recorded 920 sales, reflecting a 13% increase from January but 26% below February 2024 levels. With more choices available, buyers are taking their time, leading to a market that favors them.
New Listings & Inventory
New listings declined by 9% from January, totaling 3,121, yet remained 14% above the 10-year seasonal average. Active inventory stood at 8,070 homes, a 45% increase year-over-year, giving buyers more options and negotiating power. The sales-to-active listings ratio of 11% indicates a buyer’s market, below the balanced range of 12-20%.
MLS® HPI Benchmark Price Activity
Price movements showed slight adjustments across property types:
Detached Homes: The benchmark price reached $1,489,100, a 0.5% increase from January but a 0.6% decrease year-over-year.
Townhomes: Prices dropped 0.7% month-over-month, settling at $820,600, down 2.1% from February 2024.
Apartments: The benchmark price was $533,200, down 0.3% from January and 2.4% from last year.
Average Days on Market
Homes sold slightly faster compared to January:
Single-family homes: 39 days on the market.
Townhomes: 32 days, down from 36 days in January.
Condos: 36 days, a small improvement from last month.
Regional Highlights
Abbotsford: Detached home prices dipped to $1,204,100, down 0.7% year-over-year.
Mission: The benchmark price for detached homes climbed to $1,056,200, a 0.4% increase annually.
Surrey: North Surrey detached homes rose to $1,524,700, marking a 3% year-over-year increase.
Market Outlook
The Fraser Valley housing market remains in transition, with buyers benefiting from greater inventory and price adjustments. If these trends persist, the market could tilt further in their favor. Economic uncertainties and impending tariffs may influence future activity, while interest rate cuts could help affordability. For personalized market insights or guidance on buying or selling, reach out today!
Source: Fraser Valley Real Estate Board