February 2024 - Fraser Valley Real Estate Market Snapshot

REAL ESTATE MARKET SNAPSHOT

THE FRASER VALLEY

February 2024

PRESIDENT & MANAGING BROKER

Jamie Squires -Fifth Avenue Real Estate Marketing Ltd.

FRASER VALLEY REAL ESTATE BOARD

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

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SINGLE FAMILY

CURRENTLY IN THE FRASER VALLEY

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

404 Single Family style homes sold in the Fraser Valley Real Estate Board in February 2024. This represents an increase of 100 unit sales, or 33% when compared to the 304 sales observed last month. When comparing the current month's sales (404 sales) to the 278 sales observed in February of 2023, sales have increased by 126 units, or 45%.

1865 Single Family style homes were available for purchase in the Fraser Valley Real Estate Board in February 2024; this represents an increase of 242 units, or 15%, when compared to the 1623 units observed in inventory last month. When comparing this months inventory (1865 units) to the 1443 units of available inventory observed in February of 2023, inventory has increased by 422 units, or 29%.

Chart 2: FVREB Single Family Inventory

$1,508,622 is the average price for a Single Family style home sold in February 2024. This represents an increase of $24,947 in the average sales price, or 1.7% when compared to the average price of sales observed last month ($1,483,675). When comparing the current months average sale price ($1,508,622) to the average sale price $1,427,964 observed in February of 2023, the sale price has increased by $80,658, or 6%.

When looking at February 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.

279 Townhome style homes sold in the Fraser Valley Real Estate Board in February 2024. This represents an increase of 48 unit sales, or 21% when compared to the 231 sales observed last month. When comparing the current months sales (279 sales) to the 241 sales observed in February of 2023, sales have increased by 38 units, or 16%.

803 Townhome style homes were available for purchase in the Fraser Valley Real Estate Board in February 2024; this represents an increase of 119 units, or 17%, when compared to the 684 units observed in inventory last month. When comparing this months inventory (803 units) to the 668 units of available inventory observed in February of 2023, inventory has increased by 135 units, or 20%.

Chart 5: FVREB Townhome Sales

Chart 6: FVREB Townhome Inventory

$881,408 is the average price for a Townhome style home sold in February 2024; this represents an increase of $45,808 in the average sales price, or 5.5% when compared to the average price of sales observed last month ($835,600). When comparing the current months average sale price ($881,408) to the average sale price $773,110 observed in February of 2023, the sale price has increased by $108,298, or 14%.

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

CONDOMINIUM

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

423 Condominium style homes sold in the Fraser Valley Real Estate Board in February 2024. This represents an increase of 114 unit sales, or 37% when compared to the 309 sales observed last month. When comparing the current months sales (423 sales) to the 286 sales observed in February of 2023, sales have increased by 137 units, or 48%.

1284 Condominium style homes were available for purchase in the Fraser Valley Real Estate Board in February 2024; this represents an increase of 136 units, or 12%, when compared to the 1148 units observed in inventory last month. When comparing this months inventory (1284 units) to the 1048 units of available inventory observed in February of 2023, inventory has increased by 236 units, or 23%.

Chart 9: FVREB Condominium Sales

Chart 10: FVREB Condominium Inventory

$556,123 is the average price for a Condominium style home sold in February 2024; this represents an increase of $10,282 in the average sales price, or 1.9% when compared to the average price of sales observed last month ($545,841). When comparing the current months average sale price ($556,123) to the average sale price $524,614 observed in February of 2023, the sale price has increased by $31,509, or 6%.

When looking at February YTD Condominium sales for each respective year since 2015, 2024 sales currently rank 3rd.