In May, the Fraser Valley’s real estate market saw a surge in inventory to its highest level since September 2019, with active listings reaching 7,904, marking an 8% increase from April and a 42% increase from May 2023. With 1,517 transactions in May (a 3% increase from April), sales remained 11% below May 2023 and 21% below the 10-year average. The sales-to-active listings ratio stood at 19%, indicating balanced market conditions attributed to this influx of inventory, leading to a softening of price growth, which is particularly beneficial for buyers.
New listings slightly softened by 5% in May, totaling 3,760. The average number of days on the market increased slightly for detached homes (25 days), townhomes (20 days), and condos (23 days) in May. Benchmark prices across housing types remained relatively flat compared to April, with slight increases over May 2023. Single-family detached homes saw a 0.2% increase from April to $1,530,200, while townhomes decreased by 0.03% to $853,800, and condos decreased by 0.1% to $555,100.
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