April 2024 Fraser Valley Real Estate Market Insights
Welcome to the April 2024 Fraser Valley Presale Pulse episode, a real estate show brought to you by hosts Suzana Goncalves and Brittany Reimer. Watch the video to understand the latest macroeconomics, presale, and resale trends over the last 30 days affecting the local real estate market across the Fraser Valley. In this month's episode of the Presale Pulse:
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The presale market in the Fraser Valley saw significant activity in March, particularly in Surrey. Several new projects were launched, including wood frame developments like Ledgeview 2 and City Corners and concrete projects such as Parksville 96 and Parkway 2, all situated in Surrey City Centre. Additionally, two townhome projects were introduced in South Surrey and Langley, while Montvue Phase 2 was launched in Abbotsford. This surge in activity follows the success of Juno's launch in February, which sold nearly 75% of its inventory, boosting confidence in the market. The resurgence of wood frame projects, especially after a limited activity in late 2023, reflects growing buzz in the Spring market, attracting significant attention from buyers. Ledgeview 2 by Quadra Homes is a prime example, experiencing robust sales with competitive pricing and a 5% deposit structure, driving interest in the development.
Moderate Surge in the Fraser Valley Resale Market
In March, the Fraser Valley resale market experienced a moderate increase in sales activity compared to February, although the surge was less pronounced than anticipated. Total resales reached approximately 1,400, marking a 13% rise from the previous month but remaining 31% below the 10-year average for March sales. Despite the typical upswing expected during the Spring months, sales figures in March were still 10% lower than in the same period last year. Concurrently, the market witnessed a significant increase in active listings, totalling 6,197, the highest recorded for March in the last five years. This surplus of inventory provided buyers with abundant options, yet many remained cautious due to persistent elevated interest rates. Although nearly 3,000 new listings were added in March, representing a 12% decrease from the 10-year average, the elevated supply levels primarily stemmed from lingering listings rather than a sudden influx of new properties. The market remained marginally in seller's territory, with a sales-to-active-listings ratio of 23%. Additionally, the average days-on-market decreased to 11 days, indicating continued demand. Despite the mixed dynamics, the market saw a 1.4% month-over-month increase in the Home Price Index (HPI), reaching a 4.6% year-over-year appreciation. Pricing across all product forms rose, with the HPI composite benchmark price surpassing the $1 million mark for the first time in the year, reaching $1,008,300, signalling potential further increases as activity continues to rise throughout the season.
Presale Projects Covered in this Episode
- Amson Bloc - Amson Group
- Ledgeview - Quadra Homes
- City Corners - Zenterra Developments
- Parksville 96 - Darshan Co.
- Parkway 2 - Bosa Properties
- Montvue - Parcel 7 Homes
- Juno - Streetside Developments
Links mentioned in this episode:
- April 2024 Presale Pulse Report
- MLA Advisory Services and Sample Reports
- Contact Advisory
- Subscribe to MLA Newswire
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