February 2024 Fraser Valley Real Estate Market Insights
Welcome to the February 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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Setting the Stage for Fraser Valley's Presale Activity Surge
The Fraser Valley presale market in January appears to be the calm before an anticipated storm of activity. While not much overt activity is visible, behind-the-scenes efforts are underway as developers prepare to launch programs and implement new marketing strategies. The Juno Realtor Event marked a significant kickoff for 2024, generating considerable buzz. The event showcased a notable 10% deposit offer, accompanied by a 0% assignment fee (excluding administration fees) for the first 75 purchasers, creating excitement and conversations in the market. The strategic marketing move by Juno aims to attract attention and investment interest, particularly considering the expected growth in Surrey City Centre. The unconventional 10% deposit offer, while generating interest, raises questions about its sustainability throughout the entire sales campaign. This bold move by Juno sets a high bar for other projects in Surrey City Centre, triggering potential fierce competition and the emergence of bold incentives in the coming months. The presale landscape is evolving, with developers seeking innovative strategies to stand out in a competitive market.
Rising Numbers, Growing Sentiment: Fraser Valley's January Resale Resurgence
In January, the Fraser Valley resale market experienced a notable shift, breaking a six-month streak of declining sales activity observed since July. With 938 resale transactions, the market witnessed a substantial 50% increase compared to the same period last year. While slightly below the 10-year average, the end of the rate hike cycles contributed to growing market sentiment. Active listings in January reached 4,877, reflecting a 4.4% increase from the previous month and an 18.0% increase from the previous year. The surge in new listings soared to 2,368, marking a remarkable 151% month-over-month increase, the highest in the past five years. Despite this influx of inventory, the Fraser Valley is yet to enter a buyer's market, as the entirety of 2023 experienced lower-than-average inventory, and the current trend requires sustained growth in supply without a corresponding increase in demand. Demand appears to be rising alongside supply, and the benchmark pricing for all product types remains stable at $985,800, showing a minimal 0.3% decrease for the month. The Fraser Valley market, having undergone fluctuations in the past 18 months, indicates the potential for another significant leap in 2024 as the market continues to improve.
Presale Projects Covered in this Episode
- Juno - Streetside Developments
- Georgetown 3 - Anthem
- The Boroughs (Chelsea) - Streetside Developments
Links mentioned in this episode:
- February 2024 Presale Pulse Report
- MLA Advisory Services and Sample Reports
- Contact Advisory
- Subscribe to MLA Newswire
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