Courtesy of Sherman Foster

Sales, listings continue to pick up heading into spring

$546,100 apartment UP 7.2% year-to-year

$1,485,600 detached UP 8.4% year-to-year

5,561 ACTIVE LISTINGS

$831,000 townhouse UP 6.7% year-to-year

BENCHMARK PRICES

apartment 1,284 803 townhouse

detached 1,865

1,235 SOLD LISTINGS

4.5 MONTHS OF INVENTORY

2,797 NEW LISTINGS

22.2% SALES TO ACTIVE LISTING RATIO

BC, March, 2024 – The Fraser Valley Real Estate Board recorded 1,235 transactions on its Multiple Listing Service ® (MLS ® ) in February. New listings increased to 2,797 in February, up 18 per cent from January. With a sales-to-active listings ratio of 22 per cent, overall market conditions are edging into a seller’s market “There is somewhat of a buzz in the market right now,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “We are seeing new listings come onto the market and REALTORS ® continue to see more traffic at open houses, however buyers are still exercising caution. We aren’t out of the woods just yet, but the signs are pointing to a further increase in activity as we head into spring.”

The average number of days homes are spending on the market is dropping, with single-family detached homes spending 35 days on the market, down from 44 days in January, apartments spending 29 days on the market, down from 41 days in January and townhomes moving more quickly at 28 days. At $1,485,600, the Benchmark price for an FVREB single-family detached home increased 1.3 per cent compared to January 2024 and increased 8.4 per cent compared to February 2023. Statistics reflect market activity in February 2024 | Source: FVREB ® Fraser Valley Real Estate Board | Market values stated are of the benchmark of Fraser Valley and surrounding region. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

S HERMAN F OSTER SALES REPRESENTATIVE MASTER MEDALLION MEMBER

Cell. 604-290-7208 shermanfoster1@gmail.com www.shermanfoster.com

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