Courtesy of Dennis Bowles (FV)

March home sales growth off last month’s pace, but supply still building in the Fraser Valley

$555,000 apartment UP 6.9% year-to-year

$1,517,100 detached UP 8.8% year-to-year

6,197 ACTIVE LISTINGS

$846,900 townhouse UP 7.2% year-to-year

BENCHMARK PRICES

apartment 1,429 869 townhouse

detached 2,160

1,395 SOLD LISTINGS

4.4 MONTHS OF INVENTORY

2,986 NEW LISTINGS

22.5% SALES TO ACTIVE LISTING RATIO

BC, April 3, 2024 – Home buyers in the Fraser Valley have more choice heading into the spring market with inventory levels for March at the highest they’ve been in the past five years. However, March sales were slower than anticipated with 1,395 transactions recorded on the Fraser Valley Real Estate Board’s Multiple Listings Service ® (MLS ® ). “With inventory building, buyers now have more opportunities in both the detached and attached markets compared to one year ago,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “However, despite increased options, some buyers may still be waiting on the sidelines for the financing landscape to further settle before they feel comfortable getting back into the market.”

New listings increased to 2,986 in March. The average number of days homes are spending on the market continues to decline, with single-family detached homes spending 27 days on the market, apartments spending 26 days on the market and townhomes moving more quickly at 20 days. At $1,517,100, the Benchmark price for an FVREB single-family detached home increased 8.8 per cent compared to March 2023. At $846,900, the Benchmark price for an FVREB townhome increased 7.2 per cent compared to March 2023. At $555,000, the Benchmark price for an FVREB apartment/condo increased 6.9 per cent compared to March 2023. Statistics reflect market activity in March 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.

DENNIS BOWLES Real Estate Professional DennisBowles@royallepage.ca

www.DennisBowles.ca Cell 604.671.5371

Send your friends and family my way. I treat every client to the same high level of service and effort. No matter the value of the home they are buying or selling. What matters most is my clients satisfaction. Nothing else.

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