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October stats in the Fraser Valley - With interesting Market shifts!!
November 18, 2024 | Posted by: Michele Cummins
We’ve seen some exciting developments in the Fraser Valley real estate market! After several months of slower sales, recent data shows a positive shift. Here's a breakdown of what's happening in our local market as of October 2024:
Market Update: Rising Sales & Positive Trends
Home sales in the Fraser Valley increased for the first time in five months, following a 50 basis point interest rate cut by the Bank of Canada in October. Sales surged by 35% from September and 37% year-over-year—a promising sign that buyers are responding to these rate cuts.
As we move into the fall, it’s clear that buyers are once again entering the market, with certain areas seeing more activity than others. It’s a great time to check in with your local real estate agent to see what’s happening in your neighborhood.
Days on the Market and the Quick Turnaround
The average days on market for different property types in the Fraser Valley:
- Single-family homes: 34 days
- Condos: 32 days
- Townhouses: 219 days (an outlier compared to other types)
These quick turnarounds show strong buyer interest, with properties generally selling faster than they did earlier in the year.
Benchmark Prices: Fraser Valley Breakdown
Here’s a look at the latest benchmark prices for different property types:
- Single-family homes:
Fraser Valley benchmark at $1,488,000, down 0.6% from October 2023.
- Townhouses:
Benchmark at $832,200, up 0.1% from October 2023.
Municipality Breakdown: Key Areas to Watch
Abbotsford:
- Detached homes: $1,195,930 (down 4% from last month)
- Townhouses: $649,000 (down 1.3% from last month)
- Apartments: $467,000 (up 3.7% year-over-year)
Mission:
- Detached homes: $1,017,100 (up 1.4% year-over-year)
- Townhouses: $675,200 (up 4.1% year-over-year)
- Apartments: $449,800 (up 2.3% year-over-year)
White Rock/South Surrey:
- Detached homes: **$1,982,200** (down 1.6% from last year)
- Townhouses: **$957,800** (down 1.2% from last year)
- Apartments: **$644,000** (up 1% from last year)
Langley:
- Detached homes: **$1,763,500** (down 5% year-over-year)
- Townhouses: **$864,000** (down 1.1% from last year)
- Apartments: **$647,800** (down 5% from last year)
North Delta:
- Detached homes: **$1,442,500** (up 2.3% year-over-year)
- Townhouses: **$939,000** (down 4.8% year-over-year)
- Apartments: **$578,700** (up 8% year-over-year)
Surrey (Cloverdale, North Surrey, Central Surrey):
- Detached homes: **$1,616,900** (down 1.3% from last year)
- Townhouses: **$861,000** (down 1.5% from last year)
- Apartments: **$526,700** (down 1.4% from last year)
Market Shift: From Buyer’s Market to Balanced
After dipping into a buyer’s market last month, the Fraser Valley real estate market has shifted back into a balanced market. This means we’re now seeing a more even playing field for both buyers and sellers—great news for everyone involved!