{"id":24042,"date":"2024-06-07T10:10:00","date_gmt":"2024-06-07T17:10:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=24042"},"modified":"2024-06-04T11:37:22","modified_gmt":"2024-06-04T18:37:22","slug":"fvreb-inventory-continues-to-build-contributed-to-a-softening-of-price-growth","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2024\/06\/fvreb-inventory-continues-to-build-contributed-to-a-softening-of-price-growth\/","title":{"rendered":"FVREB Inventory Continues to Build, Contributed to A Softening of Price Growth"},"content":{"rendered":"

SURREY, BC \u2013 Slower seasonal sales helped build inventory to its highest level since September 2019 in the Fraser Valley in May, creating more balanced market conditions for home buyers and sellers. The increase in supply over the past several months has further contributed to a softening of price growth, which is good news for buyers.<\/p>\n

Active listings increased eight per cent from April to May to 7,904 \u2014 up 42% over May 2023 and 19% above the 10-year average.<\/p>\n

Sales, however, remained seasonally slow, with 1,517 transactions on the Fraser Valley Real Estate Board\u2019s Multiple Listings Service \u00ae (MLS\u00ae) in May, up 3% from April, but down 11 per cent compared to May 2023. May sales were 21% below the 10-year average.<\/p>\n

\u201cWe are seeing an influx of inventory this spring, primarily due to slower than usual spring sales,\u201d said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. \u201cGrowing inventory levels are helping to create a healthy balance in the market, giving buyers more options, especially as prices continue to flatten.\u201d<\/p>\n

New listings softened in May, down five per cent from April, to 3,760. With a sales-to-active listings ratio of 19%, overall market conditions are balanced. The market is considered balanced when the ratio is between 12% and 20%.<\/p>\n

\u201cWhile the consensus seems to indicate rate cuts in the latter half of the year, there is considerably less agreement about either magnitude or timing,\u201d said FVREB CEO Baldev Gill. \u201cWe strongly encourage buyers to have comprehensive discussions with their REALTORS\u00ae about market conditions and how they will impact mortgage rates in the coming year.\u201d<\/p>\n

The average number of days townhomes and single-family detached homes are spending on the market increased slightly in May. Detached homes are spending 25 days on the market, up from 23 in April. Townhomes are spending 20 days on the market, up one day from April, and condos remain steady at 23 days on the market.<\/p>\n

Benchmark prices in the Fraser Valley remained flat in May, with the composite Benchmark price down 0.2% from April and down 0.8% from May 2023.<\/p>\n

MLS\u00ae HPI Benchmark Price Activity<\/strong><\/p>\n

\u2022 Single Family Detached : At $1,530,200, the Benchmark price for an FVREB single-family detached home increased 0.2% compared to April 2024 and increased 2.9% compared to May 2023.
\n\u2022 Townhomes : At $853,800, the Benchmark price for an FVREB townhome decreased 0.03% compared to April 2024 and increased 3.4% compared to May 2023.
\n\u2022 Apartments : At $555,100, the Benchmark price for an FVREB apartment\/condo decreased 0.1% compared to April 2024 and increased 2.9% compared to May 2023.<\/p>\n

Click here<\/a> to view the full statistics package.<\/p>\n

Spring Inventory Continues to Build in The Fraser Valley to Levels Not Seen in Nearly Five Years<\/a> by FVREB<\/p>\n","protected":false},"excerpt":{"rendered":"

SURREY, BC \u2013 Slower seasonal sales helped build inventory to its highest level since September 2019 in the Fraser Valley in May, creating more balanced market conditions for home buyers … [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-24042","post","type-post","status-publish","format-standard","hentry","category-market-updates","category-real-estate"],"yoast_head":"\nFVREB Inventory Continues to Build, Contributed to A Softening of Price Growth • 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\/06\/fvreb-inventory-continues-to-build-contributed-to-a-softening-of-price-growth\/\" \/>\n<meta name=\"twitter:card\" 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