Market Update: July 2024 - Fraser Valley Market: Cooling or Changing Course?

The Fraser Valley real estate market is experiencing a noticeable shift this summer, with a clear cooling trend emerging. While the market remains balanced overall, buyers are starting to gain more leverage.

Sales Slow Down, Inventory Rises

The Fraser Valley Real Estate Board (FVREB) reported 1,230 sales in July, marking a 7% decrease from June and a substantial 26% drop compared to the 10-year seasonal average. This decline in sales coincides with a rise in inventory. Active listings reached 8,731 in July, representing a 5% increase from the previous month and a whopping 41% jump year-over-year.

With a sales-to-active listings ratio of 14%, the market is considered balanced. A ratio between 12% and 20% typically indicates a balanced market, where neither buyers nor sellers have a significant advantage.

Prices Stabilizing

While prices remain relatively high, there are signs of stabilization. The overall benchmark price has dipped below $1 million for the first time since January, suggesting a potential slowdown in price growth. However, it's important to remember that this is an average, and prices can vary widely depending on the specific neighborhood and type of property.

What Does This Mean for Homebuyers and Sellers?

Homebuyers: This cooling market presents opportunities for buyers. Although competition might still be present, especially for desirable properties, there's less pressure to make immediate offers. It's a good time to carefully consider your options and negotiate.

Home Sellers: While the market is shifting, well-priced homes continue to attract buyers. Working with a knowledgeable real estate agent can help you price your home competitively and maximize your return.

The Road Ahead
While recent interest rate cuts are a positive development, many potential homebuyers still face challenges due to high interest rates and stringent mortgage qualifications. Seeking advice from your trusted real estate professional can help you navigate these complexities and make informed decisions.

Ready to Navigate the Market with Confidence?
Whether you're a homeowner considering selling or a buyer searching for your perfect property, Elevation Real Estate Group is here to guide you through this evolving market. We offer personalized consultations to discuss your unique needs and develop a strategic plan tailored to your goals. Contact us today and let's chat about your real estate journey!

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Elevation Real Estate Group
605-704-8551
info@elevationrealestate.ca

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