{"id":23525,"date":"2024-03-06T10:10:00","date_gmt":"2024-03-06T18:10:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=23525"},"modified":"2024-03-04T11:48:22","modified_gmt":"2024-03-04T19:48:22","slug":"fraser-valley-housing-market-increase-activity-in-inventory-open-houses-traffic-home-sales","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2024\/03\/fraser-valley-housing-market-increase-activity-in-inventory-open-houses-traffic-home-sales\/","title":{"rendered":"Fraser Valley Housing Market Increase Activity in Inventory, Open Houses Traffic &amp; Home Sales"},"content":{"rendered":"<p style=\"text-align: justify;\">SURREY, BC \u2013 Home sales in the Fraser Valley posted a second consecutive bump in February as new listings continue to rise and trend slightly above the 10-year seasonal average.<\/p>\n<p style=\"text-align: justify;\">The Fraser Valley Real Estate Board recorded 1,235 transactions on its Multiple Listing Service\u00ae (MLS\u00ae) in February, a 32% increase over January but still 21% below the 10-year average for sales in the region. New listings increased to 2,797 in February, up 18% from January and 4% above the 10-year average.<\/p>\n<p style=\"text-align: justify;\">\u201cThere is somewhat of a buzz in the market right now,\u201d said Narinder Bains, Chair of the Fraser Valley Real Estate Board. \u201cWe are seeing new listings come onto the market and REALTORS\u00ae continue to see more traffic at open houses, however buyers are still exercising caution. We aren\u2019t out of the woods just yet, but the signs are pointing to a further increase in activity as we head into spring.\u201d<\/p>\n<p style=\"text-align: justify;\">Active listings in February were 5,561, up by 14% over last month and up by 26% over February 2023. With a sales-to-active listings ratio of 22%, overall market conditions are edging into a seller\u2019s market. The market is considered balanced when the ratio is between 12% and 20%.<\/p>\n<p style=\"text-align: justify;\">\u201cAll indications suggest we will see the Bank of Canada\u2019s overnight rate begin to decrease mid-year, which is encouraging for buyers and sellers,\u201d said FVREB CEO Baldev Gill. \u201cWith that confidence and the spring market on the horizon, we recommend anyone looking to buy or sell to seek the knowledge and guidance of a professional REALTOR\u00ae who can provide detailed analysis and intimate knowledge of the local market.\u201d<\/p>\n<p style=\"text-align: justify;\">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, down from 33 days on the market in January.<\/p>\n<p style=\"text-align: justify;\">After six months of decreases, overall Benchmark prices posted a slight bump in February, edging up 0.9% from January and up 4.8% over February 2023.<\/p>\n<p style=\"text-align: justify;\"><strong>MLS\u00ae HPI Benchmark Price Activity<\/strong><\/p>\n<p style=\"text-align: justify;\">\u2022 Single Family Detached : At $1,485,600, the Benchmark price for an FVREB single-family detached home increased 1.3% compared to January 2024 and increased 8.4% compared to February 2023.<br \/>\n\u2022 Townhomes : At $831,000, the Benchmark price for an FVREB townhome increased 0.7% compared to January 2024 and increased 6.7% compared to February 2023.<br \/>\n\u2022 Apartments : At $546,100, the Benchmark price for an FVREB apartment\/condo increased 1.2% compared to January 2024 and increased 7.2% compared to February 2023.<\/p>\n<p><a href=\"https:\/\/www.fvreb.bc.ca\/statistics\/Package202402.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to view the full statistics package.<\/p>\n<p><a href=\"https:\/\/www.fvreb.bc.ca\/statistics\/december-2023-2-2\/\" target=\"_blank\" rel=\"noopener\">Sales, Listings Continue to Pick Up Heading Into Spring<\/a> by FVREB<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SURREY, BC \u2013 Home sales in the Fraser Valley posted a second consecutive bump in February as new listings continue to rise and trend slightly above the 10-year seasonal average. &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2024\/03\/fraser-valley-housing-market-increase-activity-in-inventory-open-houses-traffic-home-sales\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,13],"tags":[],"class_list":["post-23525","post","type-post","status-publish","format-standard","hentry","category-market-updates","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Fraser Valley Housing Market Increase Activity in Inventory, Open Houses Traffic &amp; Home Sales &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2024\/03\/fraser-valley-housing-market-increase-activity-in-inventory-open-houses-traffic-home-sales\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Fraser Valley Housing Market Increase Activity in Inventory, Open Houses Traffic &amp; 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