As November 2024 came to a close, the Fraser Valley real estate market began to reflect seasonal trends, with a dip in activity following October’s surge. The Fraser Valley Real Estate Board (FVREB) reported 1,136 sales in November—a 15% decline month-over-month but a significant 28% increase year-over-year. This marks a steady recovery compared to the previous two Novembers, fueled by growing buyer confidence despite the seasonal slowdown.
New Listings & Inventory
New listings in November totaled 2,367, marking a 26% decrease from October but a 17% increase compared to November 2023. Active listings stood at 8,125, down 8% month-over-month but up 30% year-over-year. This inventory level remains at a 10-year seasonal high, supporting balanced market conditions with a sales-to-active listings ratio of 14%, well within the balanced range of 12–20%.
MLS® HPI Benchmark Price Activity
Prices across the Fraser Valley continued to show moderate adjustments, following recent trends:
- Detached Homes: The benchmark price dipped by 0.4% month-over-month to $1,482,600, a slight 0.1% decrease year-over-year.
- Townhomes: Prices rose by 0.3% month-over-month to $835,100 but fell by 0.2% compared to last year.
- Apartments: The benchmark price declined by 1.3% from October to $536,100, down 1.2% year-over-year.
Average Days on Market
The pace of the market varied across property types in November:
- Single-family homes: Averaged 43 days on the market.
- Townhomes: Sold in an average of 33 days.
- Condos: Took slightly longer, averaging 36 days to sell.
Regional Overview
- Abbotsford: Detached home prices showed stability at $1,193,000, up 2.9% year-over-year. Townhomes and apartments also experienced modest gains.
- Mission: Detached homes saw a benchmark price increase to $1,026,100, reflecting a 3.6% rise year-over-year, highlighting consistent demand in this area.
- Surrey: Detached home sales in North Surrey surged by 65.6% year-over-year, yet the benchmark price dropped slightly to $1,520,500, down 0.7% year-over-year.
Market Outlook
As the year-end approaches, the Fraser Valley market is expected to maintain balanced conditions. Buyers are benefiting from high inventory levels, while sellers are adjusting to slower seasonal demand. Upcoming changes to mortgage lending guidelines, including longer amortization periods and lower minimum down payments, are anticipated to bring new opportunities for buyers in 2025.
For more personalized insights into how these market dynamics could impact your buying or selling plans, don’t hesitate to connect!
Source: Fraser Valley Real Estate Board