August 16, 2024 Fraser Valley August 2024 Presale Pulse
August 2024 Fraser Valley Real Estate Market Insights
Welcome to the August 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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Surprising Launches Amid a Quiet Summer
The presale market in the Fraser Valley experienced a subdued summer, with a decrease in project launches and low sales absorptions, as expected for this time of year. Despite this, five new projects were launched, adding a total of 702 units to the market—more than initially anticipated. This unexpected increase raises concerns about potential oversupply, especially as buyers remain cautious. With many developers opting to delay launches until the fall, the market continues to adjust to current conditions, leaving future project feasibility in question.
Inventory Growth Amid Sluggish Sales
The Fraser Valley resale market faced a challenging month, with sales declining nearly 7% from the previous month and over 10% year-over-year. Inventory levels, however, continued to rise, reaching a 10-year seasonal high with over 8,700 active listings. This increase, combined with low sales, pushed the market closer to a buyer’s market, with prices seeing only a marginal decrease. As homes linger longer on the market, buyers are taking more time to make decisions, leading to a cautious atmosphere that could result in further price adjustments in the coming months.
Presale Projects Covered in this Episode
- SCOUT - Heinrich’s Developments
- Level - Jayen Properties
- BridgeCity - Oviedo Development
- Elijah - Whitetail Homes
- Finestra - MetroVan
Links mentioned in this episode:
- August 2024 Presale Pulse Report
- MLA Advisory Services and Sample Reports
- Contact Advisory
- Subscribe to MLA Newswire
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