INFOGRAPHICS: March 2024 FVREB Fraser Valley, South Surrey, Etc. Market Reports

Real Estate Landing Pages to Promote Neighbourhoods

March home sales growth off last month’s pace, but supply still building in the Fraser Valley

Home buyers in the Fraser Valley have more choice heading into the spring market with inventory levels for March at the highest they’ve been in the past five years.

However, March sales were slower than anticipated with 1,395 transactions recorded on the Fraser Valley Real Estate Board’s Multiple Listings Service® (MLS®), a 13 per cent increase over February, but still 31 per cent below the 10-year average. Sales were the second lowest recorded for a March in a decade. Active listings were 6,197, up by 11 per cent over last month and by 37 per cent over March 2023.

“With inventory building, buyers now have more opportunities in both the detached and attached markets compared to one year ago,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “However, despite increased options, some buyers may still be waiting on the sidelines for the financing landscape to further settle before they feel comfortable getting back into the market.”

New listings increased 7 per cent in March, to 2,986 but remain 12 per cent below the 10-year average. With a sales-to-active listings ratio of 23 per cent, overall market conditions remain in seller’s market territory. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.

Read the full report on the FVREB website!

The following data is a comparison between March 2024 and March 2023 numbers, and is current as of April 2024. For last month’s report, check out our previous infographic!

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These infographics cover current trends in Fraser Valley neighbourhoods that are within the FVREB. Click on the images for a larger view!