With active inventories hitting levels not seen in 10 years and sales 30 per cent below the 10-year average, Fraser Valley real estate is building towards a buyer’s market if sales continue to lag.
The Fraser Valley Real Estate Board recorded 982 sales in September, down by 8% over August and by more than 10% over September 2023. Again, seasonally adjusted sales were the second slowest in a decade in the Fraser Valley.
With three rate cuts already and more expected before the end of the year, buyers are watching the market closely to time their purchasing decisions. The current conditions should favour buyers, particularly in the detached market, however until we start to see some movement in asking prices, properties will continue to sit on the market for extended periods as both buyers and sellers await the next rate announcement.”
New listings rose in September, up 21% to 3,352, an increase of 17% year-over-year. Overall inventory increased 5% from August to September to 9,045, up 39% over last year. The combination of declining sales and rising inventories has helped to create balanced, and in some cases, buyers’, market conditions in the Fraser Valley.
Buyers want to get into the market but many also need to sell before they can buy. When you factor in affordability challenges and the anticipation of more interest rate cuts, we are seeing persistent weakness in the market. In conditions like these, we encourage buyers and sellers alike to talk to their REALTOR® to assess the risks and opportunities before making a decision.
Across the Fraser Valley in September, the average number of days to sell a single-family detached home was 35, while for a condo it was 37. Townhomes took, on average, 30 days to sell.
Benchmark prices in the Fraser Valley dipped again in September, with the composite Benchmark price down 1.4% to $978,800.
These are averages of all of the areas within the Fraser Valley together but for a more detailed report on your specific sub area market conditions, contact me for a copy.