Infographic: Fraser Valley Residential Real Estate February 2024
In February, the Fraser Valley’s real estate market saw a second consecutive increase in home sales, accompanied by a rise in new listings. This uptick in activity suggests a positive trend in the market, with more potential buyers showing interest. Despite this, caution remains among buyers, indicating some lingering uncertainty.
These residential market statistics from the Fraser Valley Real Estate Board provide insight into the current state of the residential home market, including home values, which directly impact the development land market. Contact us today if you would like to learn what your property is worth on the development land market.
KEY TAKEAWAYS FROM FEBRUARY 2024 FRASER VALLEY RESIDENTIAL MARKET
- Home sales in the Fraser Valley saw a significant uptick, marking the second consecutive month of growth.
- The number of new listings also increased in February, surpassing the 10-year average.
- With a sales-to-active listings ratio of 22%, the market is edging into seller’s territory. This shift indicates a potential increase in competition among buyers and could lead to upward pressure on prices.
HPI Benchmark Price of Detached Homes
The Benchmark price for a single-family detached home in the Fraser Valley rose to $1,485,600, marking a 1.3% increase compared to January 2024 and an 8.9% increase compared to February 2023. This continued upward trend highlights the strong year-over-year growth in detached home prices in the region.
Sale Price As a Percent of Original List Price
The average sale price as a percentage of the original list price remained robust across property types in the Fraser Valley. Detached homes saw an average of 98% of the original list price, townhomes achieved 98.9%, and condos reached 98.4%. These figures indicate that sellers were able to negotiate prices close to their initial listing values, showcasing the market’s stability and sellers’ success in realizing their asking prices.
Days on Market
Properties in the Fraser Valley spent varying average durations on the market. Single-family detached homes took approximately 35 days to sell, townhomes moved quickly at 28 days, and condos followed closely at 29 days.
Featured Homes
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Fraser Valley ReSIDENTIAL REAL ESTATE: February 2024 statistics in infographics
HPI Benchmark Prices
The Home Price Index (HPI) measures the price of a benchmark, or typical, property in a given market and is not influenced by the change in composition of properties sold, which can fluctuate quite significantly from month to month. As a result, this metric is a more pure and stable representation of market price change than average or median prices.
In February 2024, the Home Price Index (HPI) Benchmark Prices in the Fraser Valley continued to show a market with overall upward price trends. The Benchmark price for single-family detached homes reached $1,485,600, reflecting a 1.3% increase compared to January 2024 and an 8.4% increase compared to February 2023. Townhomes had a Benchmark price of $831,000, with a 0.7% increase from January 2024 and a 6.7% increase from February 2023. Meanwhile, condos saw a Benchmark price of $546,100, indicating a 1.2% increase from January 2024 and a 7.2% increase from February 2023.
Sales • New Listings • Active Listings
The sales-to-active listings ratio in the Fraser Valley real estate market varied across property types. Detached homes had a ratio of 19.4%, indicating a market slightly favoring sellers. Townhouses, on the other hand, had a higher ratio of 34.1%, indicating a stronger seller’s market for this property type. Condos showed a similar trend with a ratio of 32.4%, suggesting a competitive seller’s market.
Further Reading
View the Fraser Valley Real Estate Board’s entire stats package for February 2024 here.
Sources
Sources: Breakside Real Estate Group, Fraser Valley Real Estate Board
This representation is based in whole or in part on data generated by the Fraser Valley Real Estate Board which assumes no responsibility for its accuracy.
