May 2024 Fraser Valley Real Estate Market Insights
Welcome to the May 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 Dominance
The Fraser Valley presale market saw a notable resurgence, with a significant proportion of project launches concentrated in this region, marking over 80% of the total launches across Metro Vancouver. The primary focus of activity centred on wood frame and townhome developments, with one concrete project, Parkway 2, making its debut. Parkway 2 garnered substantial success, selling 150 homes and releasing an additional 40 ahead of schedule. Notably, they introduced enticing incentives such as the interest builder program, reduced assignment fees, complimentary storage, and extra parking for select homes. Other launches in Surrey and South Surrey, like Liberty Encore and Harmony, showcased competitive offerings including discounts and limited-time inclusions like air conditioning. Projects like Sage by Diverse Properties in Abbotsford attracted attention with their low advertised starting prices, exemplifying the market's response to well-aligned pricing strategies.
Inventory Surge and Buyer's Advantage in Fraser Valley Resale
The Fraser Valley resale market experienced a modest increase in sales activity, with 1,471 transactions, reflecting a 5.4% rise compared to March. However, this figure represents a 5.3% decline from the previous year, indicating subdued market conditions. The number of active listings surged by 18.0% from the previous month, totalling 7,313 properties available for sale. This substantial increase is even more pronounced when compared to the previous year, showing a notable uptick of 57.9%. Such a surplus of inventory gives buyers more options and time to make decisions, fostering a relatively balanced market environment. Despite this, the market maintains a level of caution, with buyers showing restraint in the absence of confirmed rate cuts. The Housing Price Index (HPI) appreciated modestly by 0.5% over the past month, reaching $1,013,600 across all property types. This slight uptick suggests stability in pricing, although overall prices remain approximately 15% below the peak levels recorded in March 2022.
Presale Projects Covered in this Episode
- Portico - Wanson Group
- Liberty Encore - Platinum Group
- Harmony - Apcon Group
- Sage - Diverse Properties
- Stowa - Genaris Properties
- Fleetwood Village - Dawson + Sawyer
- Azure Grove - ML Emporio Properties
Links mentioned in this episode:
- May 2024 Presale Pulse Report
- MLA Advisory Services and Sample Reports
- Contact Advisory
- Subscribe to MLA Newswire
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