March 2024 Fraser Valley Real Estate Market Insights
Welcome to the March 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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Fraser Valley's Presale Triumphs in February
In February, the Fraser Valley presale market experienced a notable surge in activity, signalling a positive shift as developers geared up for a potentially busy spring. Walnut Park, launched in December, impressively sold 107 out of 127 units, showcasing robust sales even in a typically slower winter month. The Commons, which initially had a relatively slow start in October, saw a remarkable uptick, with its first release now 80% sold, and 20% of these sales occurring in January and February. The momentum wasn't confined to condos, as townhome sales, particularly with Newbury, showed a slight but significant shift not seen in the last 18 months. Juno, reaching construction financing in its first weekend of sales and selling about 185 units, stood out, and its flexible deposit structure contributed to its attractiveness for both investors and end-users. Notably, investors showed a preference for 1-bedroom units over studios at Juno, likely influenced by factors like higher price per square foot and the resale appeal of 1-bedroom units. As the Fraser Valley's presale market gains momentum, the anticipation is high for continued success, especially after the swift absorption of the more coveted units.
Market Momentum: 44% Increase in Resale Transactions in the Fraser Valley
The Fraser Valley resale market sustained the positive sales momentum observed in January, with a notable increase of 1,235 resale transactions, marking the second consecutive month of growth. This represents a significant 44% surge compared to last year. Despite the encouraging trend, it's essential to acknowledge that the market is still approximately 21% below the 10-year average. Active listings also experienced a boost, reaching 5,561 for the month, a 14% increase from the previous month and 26% higher than the listings from the previous year. While the seller's market remains intact with a 22% sales-to-listings ratio, the growing inventory raises the possibility of transitioning into a more balanced market if demand does not keep pace. Signs point to potential rate cuts soon, and the market anticipates increased sales activity as we approach late Spring. In terms of pricing, February ended a six-month streak of price decreases, witnessing a 0.9% month-over-month increase in the Home Price Index (HPI), with single detached homes leading at a 1.3% rise. This positive trajectory in both sales and prices indicates a promising shift.
Presale Projects Covered in this Episode
- The Commons - Zenterra
- Scale - Scale Projects
- Cascadia - Streetside Developments
Links mentioned in this episode:
- March 2024 Presale Pulse Report
- MLA Advisory Services and Sample Reports
- Contact Advisory
- Subscribe to MLA Newswire
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