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Key Market Insights
The Fraser Valley real estate market is seeing significant changes. Sales, while showing a slight monthly uptick, remain considerably lower than last year. Simultaneously, new listings have surged, creating a decade-high inventory. This dynamic brings:
- Increased Choices for Buyers: More listings mean a wider selection of homes.
- Heightened Competition for Sellers: Sellers face more competition in attracting buyers.
Economic uncertainty is creating a gap between buyer and seller expectations, impacting pricing dynamics. Currently, the market favors buyers, as indicated by the sales-to-active listings ratio of 11%. Average Days on Market:
- Single-family detached homes: around 31 days.
- Condos: 33 days.
- Townhomes: 27 days.
Benchmark prices have seen a slight monthly increase, but a year-over-year decline. Specifically, single-family detached homes are at $1,505,500 (up 0.4% from February, down 1.2% from March 2024), townhomes at $833,700 (up 0.5% from February, down 1.7% from March 2024), and apartments/condos at $540,900 (up 0.5% from February, down 2.6% from March 2024).
Navigating the Current Market:
In this shifting market, sellers should prioritize realistic pricing and ensure their homes are well-presented for showings, seeking professional guidance to navigate the increased competition. Buyers, on the other hand, can capitalize on the increased inventory and should secure mortgage pre-approval, exercising patience in what is currently a slower market.
Personalized Guidance is Key:
Every real estate situation is unique. To navigate this changing market successfully, it’s essential to discuss your specific needs and goals with a knowledgeable real estate professional. They can provide tailored advice and strategies to help you achieve the best possible outcome.
Ready to Make Your Next Move?
Whether you're buying, selling, or simply exploring your options, the team at Elevation Real Estate Group is here to help. Contact us today for expert guidance and personalized service in the Fraser Valley's dynamic housing market.
RE/MAX Treeland Realty
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.