In March, Fraser Valley’s real estate market saw slower-than-expected growth in home sales, recording 1,395 transactions, which marked a 13% increase from February but remained 31% below the 10-year average. However, the region experienced a significant uptick in inventory levels, reaching the highest point in five years, with 6,197 active listings—a notable 37% surge compared to March 2023.
Despite this increase in supply, new listings only saw a modest rise of 7%, still trailing behind the 10-year average by 12%. The market continued to favor sellers, maintaining a robust sales-to-active listings ratio of 23%, indicating a seller’s market. Homes across various categories spent less time on the market, with single-family detached homes averaging 27 days, apartments at 26 days, and townhomes moving the quickest at 20 days.
Benchmark prices in March climbed by 1.4% from February and exhibited a solid 4.6% increase compared to March 2023. While buyers now have more options, some may remain cautious, awaiting further stability in the financing landscape. Professional realtors play a pivotal role in guiding clients through these market dynamics and maximizing outcomes in this evolving environment.
