Cooler Breezes, Warmer Sales: April's Fraser Valley Real Estate Trend

Check out Donavaon and Tyler's latest video as they discuss the stats for the Fraser Valley Real Estate Market. They also covered topics such as the major rush of Inventory the Fraser Valley real estate market experienced last month with 18% more listings coming to market! Will this bring balance to our market giving buyers more options and less pressure to compete for available homes?

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As April unfolded in the Fraser Valley, the real estate market saw a subtle shift with the arrival of cooler spring weather. This period, typically marked by increased activity, witnessed a modest uptick in home sales, yet buyers remained cautious, shaping a market characterized by balance and opportunity. Let's delve into the key trends observed in April, ranging from home sales dynamics to benchmark price movements, providing insights for both prospective buyers and sellers navigating the Fraser Valley real estate landscape.

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Sales: A Glimpse into April's Market Dynamics

In April, more homes were sold in the Fraser Valley as the weather cooled down, indicating a shift into spring. However, buyers seemed cautious, leading to a quieter market.

During April, the Fraser Valley Real Estate Board recorded 1,471 home sales on its Multiple Listings Service® (MLS®), which was 5% higher than March. But compared to April 2023, sales were down by 5%. The number of homes for sale also went up, reaching levels not seen since September 2020, with 7,313 active listings—18% more than the previous month and 17% higher than the average over the past decade.

Buyers found themselves in a balanced market, giving them time to explore their options without feeling rushed. Prices remained relatively steady across different types of homes.

There was also a surge in new listings in April, adding to the overall number of homes available for purchase. With a sales-to-active listings ratio of 20%, the market conditions remained fair for both buyers and sellers.

Buyers appeared cautious, possibly waiting for potential interest rate drops by the Bank of Canada before making decisions. However, they were advised to consult with their REALTOR® and financial advisor for guidance in the current market.

Benchmark Price: Understanding Price Changes

Benchmark prices in the Fraser Valley saw slight increases in April compared to the previous month and the same time last year.

- Single Family Detached Homes: The typical price reached $1,532,700, up by 1.0% from March 2024 and 5.3% higher than April 2023.
- Townhomes: The average price rose to $854,700, showing a 0.9% increase from March 2024 and a 4.9% rise from April 2023.
- Apartments: Prices reached $561,900, indicating a 1.2% increase from March 2024 and a 5.7% jump from April 2023.

Overall Market: Insights into Market Dynamics

The Fraser Valley real estate market in April showed signs of caution from buyers despite an increase in available homes. The market remained balanced, offering opportunities for both buyers and sellers.

For personalized advice tailored to individual needs, reaching out to Elevation Real Estate Group is recommended for navigating the market effectively.

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