May 2024 - Fraser Valley Real Estate Market Snapshot

REAL ESTATE MARKET SNAPSHOT

THE FRASER VALLEY

May 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.

531 Single Family style homes sold in the Fraser Valley Real Estate Board in May 2024. This represents an increase of 70 unit sales, or 15% when compared to the 461 sales observed last month. When comparing the current month's sales (531 sales) to the 594 sales observed in May of 2023, sales have decreased by 63 units, or -11%.

2873 Single Family style homes were available for purchase in the Fraser Valley Real Estate Board in May 2024; this represents an increase of 218 units, or 8%, when compared to the 2655 units observed in inventory last month. When comparing this months inventory (2873 units) to the 2055 units of available inventory observed in May of 2023, inventory has increased by 818 units, or 40%.

$2,000,000

$1,800,000

$1,600,000

$1,400,000

$1,200,000

$1,000,000

$800,000

$600,000

$400,000

$1,565,126

$1,565,126 is the average price for a Single Family style home sold in May 2024. This represents an increase of $7,479 in the average sales price, or 0.5% when compared to the average price of sales observed last month ($1,557,647). When comparing the current months average sale price ($1,565,126) to the average sale price $1,608,790 observed in May of 2023, the sale price has decreased by $43,664, or -3%.

When looking at May YTD Single Family sales for each respective year since 2015, 2024 sales currently rank 4th.

TOWNHOME

CURRENTLY IN THE FRASER VALLEY

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

367 Townhome style homes sold in the Fraser Valley Real Estate Board in May 2024. This represents a decrease of 34 unit sales, or -8% when compared to the 401 sales observed last month. When comparing the current months sales (367 sales) to the 440 sales observed in May of 2023, sales have decreased by 73 units, or -17%.

1218 Townhome style homes were available for purchase in the Fraser Valley Real Estate Board in May 2024; this represents an increase of 153 units, or 14%, when compared to the 1065 units observed in inventory last month. When comparing this months inventory (1218 units) to the 776 units of available inventory observed in May of 2023, inventory has increased by 442 units, or 57%.

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

$864,284 is the average price for a Townhome style home sold in May 2024; this represents a decrease of $3,916 in the average sales price, or -0.5% when compared to the average price of sales observed last month ($868,200).

When comparing the current months average sale price ($864,284) to the average sale price $850,105 observed in May of 2023, the sale price has increased by $14,179, or 2%.

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

Chart 8: FVREB Townhome Sales YTD Comparison

CONDOMINIUM

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

447 Condominium style homes sold in the Fraser Valley Real Estate Board in May 2024. This represents a decrease of 7 unit sales, or2% when compared to the 454 sales observed last month. When comparing the current months sales (447 sales) to the 516 sales observed in May of 2023, sales have decreased by 69 units, or -13%.

1851 Condominium style homes were available for purchase in the Fraser Valley Real Estate Board in May 2024; this represents an increase of 110 units, or 6%, when compared to the 1741 units observed in inventory last month. When comparing this months inventory (1851 units) to the 1178 units of available inventory observed in May of 2023, inventory has increased by 673 units, or 57%.

Chart 10: FVREB Condominium Inventory

Chart 9: FVREB Condominium Sales

$650,000

$600,000

$550,000

$500,000

$450,000

$400,000

$561,310

$561,310 is the average price for a Condominium style home sold in May 2024; this represents a decrease of $18,594 in the average sales price, or -3.2% when compared to the average price of sales observed last month ($579,904). When comparing the current months average sale price ($561,310) to the average sale price $556,422 observed in May of 2023, the sale price has increased by $4,888, or 1%.

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

Chart 12: FVREB Condominium Sales YTD Comparison