{"id":24491,"date":"2024-08-26T10:10:26","date_gmt":"2024-08-26T17:10:26","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=24491"},"modified":"2024-08-26T06:56:01","modified_gmt":"2024-08-26T13:56:01","slug":"fraser-valley-seasonal-housing-market-slowdown-result-in-further-price-adjustments","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2024\/08\/fraser-valley-seasonal-housing-market-slowdown-result-in-further-price-adjustments\/","title":{"rendered":"Fraser Valley Seasonal Housing Market Slowdown Result in Further Price Adjustments"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>August 2024 Fraser Valley Real Estate Market Insights<\/strong><br \/>\nWelcome to the August 2024 Fraser Valley Presale Pulse episode, a real estate show brought to you by hosts Suzana Goncalves and Brittany Reimer. Watch the video to understand the latest macroeconomics, presale, and resale trends over the last 30 days affecting the local real estate market across the Fraser Valley. In this month&#8217;s episode of the Presale Pulse :<\/p>\n<p style=\"text-align: justify;\"><strong>Surprising Launches Amid A Quiet Summer<\/strong><br \/>\nThe presale market in the Fraser Valley experienced a subdued summer, with a decrease in project launches and low sales absorptions, as expected for this time of year. Despite this, five new projects were launched, adding a total of 702 units to the market\u2014more than initially anticipated. This unexpected increase raises concerns about potential oversupply, especially as buyers remain cautious. With many developers opting to delay launches until the fall, the market continues to adjust to current conditions, leaving future project feasibility in question.<\/p>\n<p style=\"text-align: justify;\"><strong>Inventory Growth Amid Sluggish Sales<\/strong><br \/>\nThe Fraser Valley resale market faced a challenging month, with sales declining nearly 7% from the previous month and over 10% year-over-year. Inventory levels, however, continued to rise, reaching a 10-year seasonal high with over 8,700 active listings. This increase, combined with low sales, pushed the market closer to a buyer\u2019s market, with prices seeing only a marginal decrease. As homes linger longer on the market, buyers are taking more time to make decisions, leading to a cautious atmosphere that could result in further price adjustments in the coming months.<\/p>\n<p><a href=\"https:\/\/mlacanada.com\/newsfeed\/august-2024-presale-report-rising-absorption-rates-and-developer-challenges\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to view the repost | watch the <a href=\"https:\/\/youtu.be\/Mpk3rJM-51o?si=t4VdkmMk_qkPDkKf\" target=\"_blank\" rel=\"noopener\">video<\/a>.<\/p>\n<p><a href=\"https:\/\/mlacanada.com\/newsfeed\/fraser-valley-august-2024-presale-pulse\" target=\"_blank\" rel=\"noopener\">Fraser Valley August 2024 Presale Pulse<\/a> by MLA Canada<\/p>\n","protected":false},"excerpt":{"rendered":"<p>August 2024 Fraser Valley Real Estate Market Insights Welcome to the August 2024 Fraser Valley Presale Pulse episode, a real estate show brought to you by hosts Suzana Goncalves and &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2024\/08\/fraser-valley-seasonal-housing-market-slowdown-result-in-further-price-adjustments\/\">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":[8,27,13],"tags":[],"class_list":["post-24491","post","type-post","status-publish","format-standard","hentry","category-market-updates","category-pre-sale-projects","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Fraser Valley Seasonal Housing Market Slowdown Result in Further Price Adjustments &#8226; 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