Fraser Valley home sales returning to seasonal norms in November after October surge

SURREY, British Columbia, Dec. 03, 2024 (GLOBE NEWSWIRE) — Following a healthy boost in sales in October, Fraser Valley home sales dropped in November as slower seasonal buying trends set in amid balanced market conditions.

The Fraser Valley Real Estate Board recorded 1,136 sales in November, down 15 per cent from October, but 28 per cent above November 2023 sales.

“Buying and selling activity is typically quiet at this time of year,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “But it’s worth noting that November 2024 sales are higher than they’ve been compared to the past two Novembers — a sign that overall activity is picking up in the Fraser Valley and with it, growing buyer confidence.”

A decline in new listings chipped away at overall inventory in November, with active listings declining eight per cent to 8,125. Overall inventory, however, remains at a 10-year seasonal high and 30 per cent above November 2023 levels. New listings dropped 26 per cent in November to 2,367, but remain above the 10-year seasonal average and above levels from November 2023. The Fraser Valley remains in a balanced market with a sales-to-active ratio of 14 per cent. The market is considered to be balanced when the ratio is between 12 per cent and 20 per cent.

“With seasonality expected to slow sales activity towards year-end, we are optimistic that the new mortgage lending guidelines, which come into effect on December 15, will slowly start to work their way into the market,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “Longer amortization periods and lower minimum down payments should help more buyers who want to get into the market in 2025.”

Across the Fraser Valley in November, the average number of days to sell a single-family detached home was 43, while for a condo it was 36. Townhomes took, on average, 33 days to sell.

Benchmark prices in the Fraser Valley dipped for the eighth straight month in November, with the composite Benchmark price down 0.2 per cent to $969,500.

MLS^® HPI Benchmark Price Activity

• Single Family Detached: At $1,482,600, the Benchmark price for an FVREB single-family detached home decreased 0.4 per cent compared to October 2024 and decreased 0.1 per cent compared to November 2023.
• Townhomes: At $835,100, the Benchmark price for an FVREB townhome increased 0.3 per cent compared to October 2024 and decreased 0.2 per cent compared to November 2023.
• Apartments: At $536,100, the Benchmark price for an FVREB apartment/condo decreased 1.3 per cent compared to October 2024 and decreased 1.2 per cent compared to November 2023.

*The Fraser Valley Real Estate Board is an association of 5,262 real estate professionals who live and work in the BC communities of Abbotsford, Langley, Mission, North Delta, Surrey, and White Rock.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/132d1267-a3f2-455d-b303-45d86c9cd71b