March 2024 - Fraser Valley Real Estate Market Snapshot

THE FRASER VALLEY

MARCH 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.

“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 BALANCED MARKET FOR SINGLE FAMILY STYLE HOMES.

455 Single Family style homes sold in the Fraser Valley Real Estate Board in March 2024. This represents an increase of 51 unit sales, or 13% when compared to the 404 sales observed last month. When comparing the current month's sales (455 sales) to the 524 sales observed in March of 2023, sales have decreased by 69 units, or -13%.

2160 Single Family style homes were available for purchase in the Fraser Valley Real Estate Board in March 2024; this represents an increase of 295 units, or 16%, when compared to the 1865 units observed in inventory last month. When comparing this months inventory (2160 units) to the 1520 units of available inventory observed in March of 2023, inventory has increased by 640 units, or 42%.

$1,535,309 is the average price for a Single Family style home sold in March 2024. This represents an increase of $26,687 in the average sales price, or 1.8% when compared to the average price of sales observed last month ($1,508,622). When comparing the current months average sale price ($1,535,309) to the average sale price $1,451,319 observed in March of 2023, the sale price has increased by $83,990, or 6%.

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

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

383 Townhome style homes sold in the Fraser Valley Real Estate Board in March 2024. This represents an increase of 104 unit sales, or 37% when compared to the 279 sales observed last month. When comparing the current months sales (383 sales) to the 391 sales observed in March of 2023, sales have decreased by 8 units, or -2%.

869 Townhome style homes were available for purchase in the Fraser Valley Real Estate Board in March 2024; this represents an increase of 66 units, or 8%, when compared to the 803 units observed in inventory last month. When comparing this months inventory (869 units) to the 634 units of available inventory observed in March of 2023, inventory has increased by 235 units, or 37%.

Chart 6: FVREB Townhome Inventory

$876,325 is the average price for a Townhome style home sold in March 2024; this represents a decrease of $5,083 in the average sales price, or -0.6% when compared to the average price of sales observed last month ($881,408). When comparing the current months average sale price ($876,325) to the average sale price $811,868 observed in March of 2023, the sale price has increased by $64,457, or 8%.

When looking at March YTD Townhome sales for each respective year since 2015, 2024 sales currently rank 5th.

CURRENTLY IN THE FRASER VALLEY

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

408 Condominium style homes sold in the Fraser Valley Real Estate Board in March 2024. This represents a decrease of 15 unit sales, or -4% when compared to the 423 sales observed last month. When comparing the current months sales (408 sales) to the 491 sales observed in March of 2023, sales have decreased by 83 units, or -17%.

1429 Condominium style homes were available for purchase in the Fraser Valley Real Estate Board in March 2024; this represents an increase of 145 units, or 11%, when compared to the 1284 units observed in inventory last month. When comparing this months inventory (1429 units) to the 1038 units of available inventory observed in March of 2023, inventory has increased by 391 units, or 38%.

Chart 10: FVREB Condominium Inventory

$579,949 is the average price for a Condominium style home sold in March 2024; this represents an increase of $23,826 in the average sales price, or 4.3% when compared to the average price of sales observed last month ($556,123). When comparing the current months average sale price ($579,949) to the average sale price $530,597 observed in March of 2023, the sale price has increased by $49,352, or 9%.

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