March 2024 Fraser Valley Real Estate Market Update

March was a month of contrasts in the Surrey, Cloverdale, and Langley real estate markets — not too hot, not too cold, but definitely stirring. In this blog post, we'll delve into the nuances of the housing market's performance in these areas during March 2024. Was it a buyer's market, a seller's paradise, or somewhere in between? Let’s unpack the sales data, explore new listings, and analyze home prices to understand the current market dynamics.

Overview of Real Estate Performance in Surrey, Cloverdale, and Langley

Market Activity: Sales and Listings
March saw a total of 1,395 real estate transactions across Surrey, Cloverdale, and Langley. This figure is 13% higher than February 2024 but 31% lower than the 10-year average for March, marking it as the second lowest for this month in the past decade. On the listings front, March brought an increase of 7%, totaling 2,986 new listings. However, this still lags 12% behind the 10-year average for the month.

Pricing Trends Across Home Types
Despite the slower sales, home prices were anything but static. The benchmark price for single-family detached homes reached $1,517,000, a 2.1% increase from February and an 8.8% rise year-over-year. Townhomes saw their benchmark price climb to $846,000, up 1.9% from the previous month and 7.2% from last year. Condos also experienced growth, with benchmark prices reaching $555,000 — a 1.6% monthly and 6.9% annual increase.

Analyzing the Market Type: Seller's Market Confirmed
The real estate market is generally considered balanced when the sales-to-active listings ratio is between 12% and 20%. In March, single-family homes had a ratio of 21%, townhomes were at 44%, and condos stood at 29%. These figures firmly place Surrey, Cloverdale, and Langley in a seller's market, particularly for townhomes, where the demand significantly outstrips supply.

Days on Market: Properties Selling Faster
Another indicator of the strength of the seller's market is the days on market statistic. Single-family homes in these areas are now selling in an average of 27 days, down from 35 days in February. Townhomes are changing hands in about 20 days, down from 28 days, and condos are taking 26 days to sell, 3 days fewer than the previous month.

The first quarter of 2024 has been consistently active in the Surrey, Cloverdale, and Langley real estate markets, despite the unusual trend of not picking up in March. Instead, the market gained momentum earlier in the year with busy months in January and February, which has carried through to March, creating a robust seller's market and driving prices upward.

Understanding these dynamics is crucial for both buyers and sellers to make informed decisions in these ever-evolving markets. If you're looking to enter the market or sell your property, now might be the time to act, given the favorable conditions for sellers and the potential for prices to climb even higher as we progress into the year.

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