The supply of available homes in the Fraser Valley continued to build last month, however buyers remained relatively hesitant, leading to a cooler resale market in April.
According to the Fraser Valley Real Estate Board (FVREB), 1,471 transactions were recorded on its Multiple Listings Service (MLS) in April, up five per cent from March, but off by five per cent compared to April 2023.
While sales were the third lowest recorded for an April in the last decade, inventory continues to build, reaching levels not seen since September 2020.
Active listings were 7,313, up by 18 per cent over last month and 17 per cent above the 10-year average.
“We are seeing a relatively calm and balanced market right now,” said Jeff Chadha, Chair of the FVREB. “Which means buyers have time to shop around and purchase a home without the pressure of a few years ago, and while prices are holding fairly steady across all property types.”
New listings helped bolster overall inventory, increasing 33 per cent in April, to 3,976.
The average number of days homes are spending on the market continues to decline, with single-family detached homes spending 23 days on the market, down from 27 days in March, apartments spending 23 days on the market, down from 26 days in March and townhomes moving more quickly at 19 days, down from 20 days on the market in March.
Overall Benchmark prices edged up again in April, by 0.5 per cent from March and up 1.5 per cent over April 2023.
Single Family Detached: At $1,532,700, the benchmark price for an FVREB single-family detached home increased 1.0 per cent compared to March 2024 and increased 5.3 per cent compared to April 2023.
Townhomes: At $854,700, the benchmark price for a townhome increased 0.9 per cent compared to March 2024 and increased 4.9 per cent compared to April 2023.
Apartments: At $561,900, the Benchmark price for an FVREB apartment/condo increased 1.2 per cent compared to March 2024 and increased 5.7 per cent compared to April 2023.
