July 22, 2024 Fraser Valley July 2024 Presale Pulse

July 2024 Fraser Valley Real Estate Market Insights

Welcome to the July 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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Presale Projects Drive Buyer Interest with Strategic Incentives and Diverse Offerings

Throughout June, the Fraser Valley presale market saw dynamic activity despite prevailing market conditions. Seven new projects were launched, introducing over 1,000 units to eager buyers. The offerings included a mix of townhouses, wood frame developments, and a notable concrete tower, showcasing resilience and innovation among developers. Tactics such as extended preview periods and buyer incentives were prevalent, underscoring efforts to attract cautious buyers. Affordable price points remained a focal point, drawing considerable interest across a diverse range of product types. As the market continues to evolve, strategic launches and buyer-centric approaches are shaping the landscape of real estate in the Fraser Valley.

Increased Inventory and Buyer Negotiating Power Amid Economic Adjustments in the Fraser Valley Resale Market

The Fraser Valley resale market showed signs of cautious activity amidst broader economic adjustments in June. Despite recent interest rate cuts, sales remained subdued with only 1,317 transactions recorded, marking a significant decline of over 28% compared to the previous year. Homes priced competitively continued to attract buyers, typically selling within 3-4 weeks. However, the market saw a notable increase in inventory, reaching 8,350 active listings—a five-year high. This surge in listings, combined with a 16% sales-to-listings ratio, provided buyers with increased negotiating power. Prices remained relatively stable, showing a slight decrease of 0.5% from the previous month and a 3.2% decline year-over-year, reflecting seller reluctance to adjust prices downward. Despite these challenges, the market maintained resilience, with opportunities emerging for savvy buyers navigating current market conditions in the Fraser Valley.

Presale Projects Covered in this Episode

Bassano - Boffo Properties
Scout - Heinrichs Developments
Victory - Maskeen Group
BridgeCity - Oviedo Development
Bridge & Elliot - Headwater Projects

Links mentioned in this episode:

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