April 2024 - Fraser Valley Real Estate Market Snapshot

THE FRASER VALLEY

APRIL 2024

PRESIDENT & MANAGING BROKER

Jamie Squires - Fifth Avenue Real Estate Marketing Ltd.

INTRODUCTION

Use data as a basis for decision making…

At Fifth Avenue we have hired Knew Realty Research (Knew) to meticulously and methodically take the time to comb through statistics provided by real estate boards to create this report. Gone are the days of just numbers on a page, through visual analytics allows us to help you identify general market trends in your area and benchmark it to the performance of other regions.

By utilizing our maps and intuitive charting techniques, you will be able to quickly and easily understand your market.

We hope you enjoy our creative approach to monitoring activity in your region.

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Let us do the data collection and analysis for you

DISCLAIMER & TERMS OF USE

This report, and all goods, services, content, data and information subsequently provided are subject to our terms of use, available online at:

https://knewresearch.com/terms-andconditions/

TABLE OF CONTENTS

Click on a housing type below to get started…

SINGLE FAMILY

TOWNHOME

CONDOMINIUM

To get back to this menu at any time click on the logo in the top right corner of each page. Please enjoy.

SINGLE FAMILY

CURRENTLY IN THE FRASER VALLEY

REAL ESTATE BOARD IT IS A BUYERS MARKET FOR SINGLE FAMILY STYLE HOMES.

461 Single Family style homes sold in the Fraser Valley Real Estate Board in April 2024. This represents an increase of 6 unit sales, or 1% when compared to the 455 sales observed last month. When comparing the current month's sales (461 sales) to the 531 sales observed in April of 2023, sales have decreased by 70 units, or -13%.

2655 Single Family style homes were available for purchase in the Fraser Valley Real Estate Board in April 2024; this represents an increase of 495 units, or 23%, when compared to the 2160 units observed in inventory last month. When comparing this months inventory (2655 units) to the 1567 units of available inventory observed in April of 2023, inventory has increased by 1088 units, or 69%.

$2,000,000

$1,800,000

$1,600,000

$1,400,000

$1,200,000

$1,000,000

$800,000

$600,000

$400,000

$1,557,647

FRASER VALLEY REAL ESTATE BOARD SINGLE FAMILY AVERAGE

$1,557,647 is the average price for a Single Family style home sold in April 2024. This represents an increase of $22,338 in the average sales price, or 1.5% when compared to the average price of sales observed last month ($1,535,309). When comparing the current months average sale price ($1,557,647) to the average sale price $1,525,708 observed in April of 2023, the sale price has increased by $31,939, or 2%.

When looking at April YTD Single Family sales for each respective year since 2015, 2024 sales currently rank 5th.

TOWNHOME

CURRENTLY IN THE FRASER VALLEY

REAL ESTATE BOARD IT IS A BALANCED MARKET FOR TOWNHOME STYLE HOMES.

401 Townhome style homes sold in the Fraser Valley Real Estate Board in April 2024. This represents an increase of 18 unit sales, or 5% when compared to the 383 sales observed last month. When comparing the current months sales (401 sales) to the 384 sales observed in April of 2023, sales have increased by 17 units, or 4%.

1065 Townhome style homes were available for purchase in the Fraser Valley Real Estate Board in April 2024; this represents an increase of 196 units, or 23%, when compared to the 869 units observed in inventory last month. When comparing this months inventory (1065 units) to the 647 units of available inventory observed in April of 2023, inventory has increased by 418 units, or 65%.

Chart 6: FVREB Townhome Inventory

$1,100,000

$1,000,000

$900,000

$800,000

$700,000

$600,000

$500,000

$400,000

$300,000

$868,200

$868,200 is the average price for a Townhome style home sold in April 2024; this represents a decrease of $8,125 in the average sales price, or -0.9% when compared to the average price of sales observed last month ($876,325).

When comparing the current months average sale price ($868,200) to the average sale price $835,703 observed in April of 2023, the sale price has increased by $32,497, or 4%.

When looking at April YTD Townhome sales for each respective year since 2015, 2024 sales currently rank 4th.

8: FVREB Townhome Sales YTD Comparison

CONDOMINIUM

CURRENTLY IN THE FRASER VALLEY REAL ESTATE BOARD IT IS A BALANCED MARKET FOR CONDOMINIUM STYLE HOMES.

454 Condominium style homes sold in the Fraser Valley Real Estate Board in April 2024. This represents an increase of 46 unit sales, or 11% when compared to the 408 sales observed last month. When comparing the current months sales (454 sales) to the 487 sales observed in April of 2023, sales have decreased by 33 units, or -7%.

1741 Condominium style homes were available for purchase in the Fraser Valley Real Estate Board in April 2024; this represents an increase of 312 units, or 22%, when compared to the 1429 units observed in inventory last month. When comparing this months inventory (1741 units) to the 1034 units of available inventory observed in April of 2023, inventory has increased by 707 units, or 68%.

Chart 10: FVREB Condominium Inventory

Chart 9: FVREB Condominium Sales

$650,000

$600,000

$550,000

$500,000

$450,000

$400,000

$579,904 is the average price for a Condominium style home sold in April 2024; this represents a decrease of $45 in the average sales price, or 0% when compared to the average price of sales observed last month ($579,949). When comparing the current months average sale price ($579,904) to the average sale price $544,290 observed in April of 2023, the sale price has increased by $35,614, or 7%.

When looking at April YTD Condominium sales for each respective year since 2015, 2024 sales currently rank 4th.

Chart 12: FVREB Condominium Sales YTD Comparison