New "buzz" in eastern Metro Vancouver and Fraser Valley home sales last month
There appears to be new momentum in the residential real estate market of the eastern Metro Vancouver and Fraser Valley areas.
According to the Fraser Valley Real Estate Board (FVREB), home sales in its jurisdiction saw a second consecutive monthly bump in February 2024.
A total of 1,235 homes were listed for sale in February 2024, representing a 32% jump from January 2024. But this is still 21% below the 10-year sales average.
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Furthermore, there were 2,797 new listings over the last month, representing an 18% increase from the first month of the year and 4% above the 10-year average.
The total number of active listings in February 2024 reached 5,561 units of all home types, which is an increase of 14% from January 2024 and 26% from February 2023.
“There is somewhat of a buzz in the market right now,” said Narinder Bains, chair of the FVREB, in a statement. “We are seeing new listings come onto the market and realtors continue to see more traffic at open houses; however, buyers are still exercising caution. We aren’t out of the woods just yet, but the signs are pointing to a further increase in activity as we head into spring.”
FVREB’s jurisdiction spans the Metro Vancouver region areas of Surrey, Langley, North Delta, and White Rock, as well as the Fraser Valley region areas of Abbotsford and Mission. Other areas of Metro Vancouver are under the jurisdiction of the Greater Vancouver Realtors (previously known as Real Estate Board of Greater Vancouver), which includes Vancouver, Burnaby, New Westminster, Richmond, Pitt Meadows, Sunshine Coast, Whistler, and all of the Tri-Cities and North Shore.
In February 2024, the average price for all homes in FVREB’s jurisdiction reached $1.005 million, which is a 7.5% year-over-year increase, while the benchmark prices reached $1.486 million for single-family detached houses, $831,000 for townhouses, and $546,000 for apartments.
Within Surrey, the benchmark price for the month reached $1.614 million for single-family detached houses, $864,000 for townhouses, and $544,000 for apartments.
Across FVREB’s jurisdiction, as of February 2024, the average number of days homes are listed on the market is dropping, with single-family detached houses spending 35 days on the market (down from 44 days in January 2024), townhouses spending 28 days (down from 33 days in January 2024), and apartments spending 29 days (down from 41 days in January 2024).