The Fraser Valley Real Estate market in March 2024 saw slower than anticipated sales, with the second lowest recorded sales for a March in a decade. Active listings increased by 11.4% to 6,197, and sales were up by 13% compared to the previous month, February 2024.
Home buyers now have more options as inventory levels in March reached the highest point in the last five years, although some are still waiting on the sidelines to see if prices have bottomed out or are waiting for the financing situation to stabilize before re-entering the market.
Despite the townhouse segment being the most active in the Fraser Valley, their benchmark prices only rose by 1.9% compared to February 2024. In contrast, detached homes saw a 2.1% increase in benchmark prices, while apartments saw a 1.6% increase in benchmark prices compared to March.
Contact me if you’re interested in how the market is doing in your specific neighbourhood.
