Market Update: June 2024 - A Cooling Market with Opportunities

The Fraser Valley housing market in June 2024 showed signs of a slowdown compared to the previous year's hot streak. Let's analyze the data to understand what's driving this shift.

Sales Slump and Rising Inventory

MLS® home sales in June witnessed a significant drop of 13.2% compared to May 2024, reaching a total of 1,317 units. This decline extends further year-over-year, with a substantial decrease of 31.9% from June 2023. This suggests a cooling market, potentially influenced by seasonal trends as June is typically slower for real estate.

However, this sales slump isn't the whole story. The number of homes available for purchase surged by a notable 41% year-over-year, reaching their highest level in five years. This rise in active listings (currently at 8,350) indicates a shift towards a buyer's market. With more options, buyers may have greater negotiating power. Interestingly, new listings dropped slightly by 9% compared to May, suggesting a potential slowdown in new inventory entering the market.

Market in Balance and Price Adjustments

The current sales-to-active listings ratio sits at 16%, which falls neatly within the balanced market range of 12% to 20%. This indicates neither buyers nor sellers have a clear upper hand in negotiations, but with more inventory, buyers may have more leverage.

Benchmark prices, which reflect the typical price of a similar property in a specific area, mirrored the overall trend of a cooling market. The composite benchmark price dipped 0.5% from May and 3.2% year-over-year, settling at $1,001,700. While prices haven't fallen dramatically, the downward trajectory suggests a shift away from the rapid price increases seen earlier.

Limited Impact of the Rate Cut

The Bank of Canada's interest rate cut in early June aimed to stimulate the housing market. However, the sales figures show a continued decline, indicating the cut hasn't been enough to entice buyers back into the market in a significant way. This suggests the need for further measures or a shift in buyer sentiment to reignite market activity.

The Fraser Valley housing market is in a period of adjustment, with a decrease in sales and a rise in available properties. Buyers may find themselves in a more favorable position, but it's crucial to stay informed about specific areas and property types within the Fraser Valley, as the market can vary depending on location. Consulting with a qualified realtor will provide valuable insights into local trends and help you navigate this evolving market environment. 

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 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 at and let's chat about your real estate journey!

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