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The real estate markets in Greater Vancouver and Fraser Valley are experiencing notable shifts. With home sales dropping and inventories rising, both regions are inching toward a buyer’s market. Here’s a detailed look at the numbers and trends for September 2024.
Greater Vancouver Market Overview
Residential sales in Greater Vancouver declined by 3.8% in September, with 1,852 homes sold, down from 1,926 in September 2023. This is also 26% below the 10-year seasonal average of 2,502.
New listings in the region increased by 12.8%, reaching 6,144 in September 2024. The total number of active listings is now 14,932, marking a 31.2% year-over-year increase.
While mortgage rate cuts have occurred, buyers are waiting for more significant price shifts, particularly in the detached home market. The sales-to-active listings ratio is at 12.8%, suggesting a buyer's market could emerge if the ratio continues to dip below the 12% threshold.
Prices have been trending sideways, and September data shows slight month-over-month declines across all property types, signaling more opportunities for buyers.
Source: Greater Vancouver REALTORS®
Fraser Valley Market Overview
Sales in the Fraser Valley were 982 units in September, down 8% from August and 10% lower than September 2023. New listings rose by 21%, with inventory up 39% year-over-year.
With inventories at a 10-year high and sales 30% below the 10-year average, the Fraser Valley is heading towards a buyer’s market if the current trend continues.
Condo Price Increases: Despite market challenges, several areas saw year-over-year price appreciation for condos:
Cloverdale: Benchmark price rose by 4.8% to $605,300.
South Surrey: Prices increased by 3.5% to $646,000.
Mission: Benchmark price rose by 2.0% to $462,800.
Detached Home Price Increases: Certain areas also experienced year-over-year price appreciation for detached homes:
Cloverdale: Benchmark price rose by 0.5% to $1,507,100.
North Delta: Prices increased by 5.1% to $1,468,200.
Source: Fraser Valley Real Estate Board
With sales softening and inventories rising, both regions are presenting more opportunities for buyers. If you're considering entering the market or making a move, consult the best Realtor near you for expert advice and quick results. Reach out to us to navigate the risks and opportunities in this dynamic period.
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