{"id":24427,"date":"2024-08-07T10:10:21","date_gmt":"2024-08-07T17:10:21","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=24427"},"modified":"2024-08-03T07:39:21","modified_gmt":"2024-08-03T14:39:21","slug":"fraser-valley-sluggish-home-sales-down-by-7-m-m-overall-market-conditions-are-balanced","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2024\/08\/fraser-valley-sluggish-home-sales-down-by-7-m-m-overall-market-conditions-are-balanced\/","title":{"rendered":"Fraser Valley Sluggish Home Sales Down by 7% M\/M, Overall Market Conditions are Balanced"},"content":{"rendered":"<p style=\"text-align: justify;\">SURREY, BC \u2013 Sluggish seasonally-adjusted sales and a continued rise in inventory has the Fraser Valley market slowly shifting to favour buyers.<\/p>\n<p style=\"text-align: justify;\">The Fraser Valley Real Estate Board recorded 1,230 sales in July, down by 7% over last month and down by 26% over the 10-year seasonal average.<\/p>\n<p style=\"text-align: justify;\">Inventory levels in the Fraser Valley reached a 10-year seasonally adjusted high in July with active listings at 8,731, up 5% over June and 41% higher than July 2023.<\/p>\n<p style=\"text-align: justify;\">\u201cAmidst an overall balanced market, some REALTORS\u00ae are experiencing pockets within the Fraser Valley that favour buyers, where prices have come down,\u201d said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. \u201cThis is evident in the amount of time buyers have to view a property before considering making an offer. Properties that are well-priced are selling quickly, suggesting motivated buyers are active in the market despite the slowdown.\u201d<\/p>\n<p style=\"text-align: justify;\">New listings were flat in July, down by less than half a percent from June, to 3,412. With a sales-to-active listings ratio of 14%, overall market conditions are balanced. The market is considered balanced when the ratio is between 12% and 20%.<\/p>\n<p style=\"text-align: justify;\">\u201cDespite back-to-back policy rate cuts by the Bank of Canada, many first-time homebuyers are still facing challenging market conditions \u2014 high interest rates, the mortgage stress test and the need for a substantial down payment,\u201d said FVREB CEO, Baldev Gill. \u201cWhile we wait for the rate cuts to take effect, we encourage anyone looking to buy or sell to speak with a professional REALTOR\u00ae, who has the knowledge and expertise to navigate the current market.\u201d<\/p>\n<p style=\"text-align: justify;\">Across the Fraser Valley in July, the average number of days to sell a single-family detached home was 31, while for a condo it was 28. Townhomes took, on average, 25 days to sell.<\/p>\n<p style=\"text-align: justify;\">Benchmark prices in the Fraser Valley dipped slightly in July, with the composite Benchmark price below $1 million for the first time since January 2024. The composite Benchmark price in the Fraser Valley is $999,100.<\/p>\n<p style=\"text-align: justify;\">MLS\u00ae HPI Benchmark Price Activity<\/p>\n<p style=\"text-align: justify;\">\u2022 Single Family Detached : At $1,529,600, the Benchmark price for an FVREB single-family detached home increased 0.1% compared to June 2024 and decreased 0.5% compared to July 2023.<br \/>\n\u2022 Townhomes : At $848,800, the Benchmark price for an FVREB townhome decreased 0.3% compared to June 2024 and decreased 0.1% compared to July 2023.<br \/>\n\u2022 Apartments : At $551,000, the Benchmark price for an FVREB apartment\/condo remained flat compared to June 2024 and decreased 0.3% compared to July 2023.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/fvreb.bc.ca\/statistics\/Package202407.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\/cool-summer-market-persists-in-fraser-valley-with-second-slowest-july-sales-in-a-decade\/\" target=\"_blank\" rel=\"noopener\">Cool Summer Market Persists in Fraser Valley with Second Slowest July Sales in A Decade<\/a> by FVREB<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SURREY, BC \u2013 Sluggish seasonally-adjusted sales and a continued rise in inventory has the Fraser Valley market slowly shifting to favour buyers. The Fraser Valley Real Estate Board recorded 1,230 &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2024\/08\/fraser-valley-sluggish-home-sales-down-by-7-m-m-overall-market-conditions-are-balanced\/\">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-24427","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 v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Fraser Valley Sluggish Home Sales Down by 7% M\/M, Overall Market Conditions are Balanced &#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\/08\/fraser-valley-sluggish-home-sales-down-by-7-m-m-overall-market-conditions-are-balanced\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Fraser Valley Sluggish Home Sales Down by 7% M\/M, Overall Market Conditions are Balanced &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"SURREY, BC \u2013 Sluggish seasonally-adjusted sales and a continued rise in inventory has the Fraser Valley market slowly shifting to favour buyers. 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