The Fraser Valley real estate market in June 2024 showcased significant changes, with trends that potential buyers, sellers, and investors should closely follow. Detached homes saw an increase in inventory with 3,076 listings in June 2024, up 7.1% from May 2024 and a substantial 33.9% increase from June 2023. However, sales dropped to 452 in June 2024, a 14% decrease from May 2024 and a 33.5% decrease from June 2023. The benchmark price for detached homes slightly decreased to $1,528,900, down 0.1% from May 2024, but still showed a 0.5% increase from June 2023.
Townhomes followed a similar trend with 1,299 units in inventory in June 2024, marking a 6.7% increase from May 2024 and a significant 62.2% increase from June 2023. Sales of townhomes also declined, with 340 units sold in June 2024, a 7.4% decrease from May 2024 and a 28.3% decrease from June 2023. The benchmark price for townhomes was $851,100, showing a minor 0.3% decrease from May 2024 but a 0.8% increase from June 2023.
Apartments and condos also saw a rise in inventory with 1,926 units in June 2024, a 4.1% increase from May 2024 and a notable 55.3% increase from June 2023. Sales for this category dropped to 396 in June 2024, an 11.4% decrease from May 2024 and a 30.6% decrease from June 2023. The benchmark price for apartments and condos fell to $551,100, a 0.7% decrease from May 2024 but showed a slight 0.4% increase from June 2023.
The overall market activity in June 2024 was characterized by 1,317 home sales, which is a 13% decline from May 2024 and more than 30% below June 2023 and the 10-year seasonal average. Despite a recent interest rate cut by the Bank of Canada, the market remains relatively soft. The total active listings increased for the sixth consecutive month, reaching 8,350, which is a 41% rise from June 2023 and the highest level in five years. New listings in June 2024 were 3,418, a 9% drop from May 2024.
The sales-to-active-listing ratio stood at 16%, indicating a balanced market. The average days on the market were 22 days for single-family homes, 20 days for townhomes, and 30 days for condos. Prices remained relatively stable across the board. Single-family detached homes were priced at $1,528,900, townhomes at $851,100, and condos at $551,100.
For potential buyers, it’s essential to get pre-approved for financing, be ready to act quickly on well-priced properties, and focus on long-term market presence rather than trying to time the market. Sellers should ensure competitive pricing, stage their homes to attract buyers, and market their properties aggressively using various channels.
The Fraser Valley market is currently experiencing a soft phase with increasing inventory and balanced market conditions. Prices are stable, and strategic actions are crucial for both buyers and sellers. It is advisable to connect with a professional to align real estate goals with market trends.
Key insights include monitoring inventory levels for potential opportunities, staying updated on rate changes that may impact buyer activity, and consulting with experts to navigate the market effectively. If you have any questions or are considering buying, selling, or investing in real estate, Kam Purewal offers unmatched skills, expertise, and experience to guide you through the process.
Here’s the table for the Fraser Valley Real Estate Market Update for June 2024:
| Category | June 2024 | May 2024 | June 2023 | Monthly Change | Annual Change |
|---|---|---|---|---|---|
| Detached Homes | |||||
| Inventory | 3,076 | 2,873 | 2,297 | +7.1% | +33.9% |
| Sales | 452 | 531 | 680 | -14% | -33.5% |
| Benchmark Price | $1,528,900 | $1,530,200 | $1,520,800 | -0.1% | +0.5% |
| Townhomes | |||||
| Inventory | 1,299 | 1,218 | 801 | +6.7% | +62.2% |
| Sales | 340 | 367 | 474 | -7.4% | -28.3% |
| Benchmark Price | $851,100 | $853,800 | $844,700 | -0.3% | +0.8% |
| Apartments/Condos | |||||
| Inventory | 1,926 | 1,851 | 1,240 | +4.1% | +55.3% |
| Sales | 396 | 447 | 571 | -11.4% | -30.6% |
| Benchmark Price | $551,100 | $555,100 | $549,000 | -0.7% | +0.4% |
Market Overview:
- Home Sales: 1,317 (June 2024), -13% from May 2024, -30% from June 2023, and the 10-year seasonal average.
- Inventory: 8,350 active listings, +41% from June 2023, highest in five years.
- New Listings: 3,418 (June 2024), -9% from May 2024.
- Sales-to-Active-Listing Ratio: 16%, indicating a balanced market.
Sales and Prices:
- Single-Family Homes: Average selling time 22 days.
- Townhomes: Average selling time 20 days.
- Condos: Average selling time 30 days.
- Price Trends:
- Single-family homes: $1,528,900 (down 0.1% from May, up 0.5% from June 2023)
- Townhomes: $851,100 (down 0.3% from May, up 0.8% from June 2023)
- Condos: $551,100 (down 0.7% from May, up 0.4% from June 2023)
Tips for Buyers:
- Get Pre-Approved: Secure your financing to strengthen your offer.
- Be Ready to Act: Well-priced properties are selling quickly.
- Think Long-Term: Focus on your time in the market, not timing the market.
Tips for Sellers:
- Price it Right: Competitive pricing is key in a balanced market.
- Stage Your Home: Make it attractive to potential buyers.
- Market Aggressively: Use multiple channels to reach buyers.
Summary: The Fraser Valley market is experiencing a soft phase with increasing inventory and balanced market conditions. Prices are stable, and strategic actions are crucial for both buyers and sellers. Connect with a professional to align your real estate goals with market trends.
Actionable Insights:
- Monitor Inventory Levels: Keep an eye on rising inventory for potential opportunities.
- Stay Updated on Rate Changes: Rate cuts may impact buyer activity.
- Consult with Experts: Work with a real estate professional to navigate the market effectively.
If you’re thinking of buying, selling, investing, or have any questions about the market, Kam Purewal has unmatched skills, expertise, and experience.