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November stats in the Fraser Valley 2024

December 20, 2024 | Posted by: Michele Cummins



Fraser Valley Real Estate Market Update - November 2024

The Fraser Valley real estate market saw a return to seasonal norms in November, following a surge in October. While sales were down 15% from October, they were up 28% compared to November 2023, indicating a strong year-over-year performance.

Key Market Stats:

  • Sales Activity: The market remains balanced with a sales-to-active ratio of 14%. This is within the 'balanced market' range of 12% to 20%. The average time to sell a single-family home is 43 days, while condos and townhouses take slightly less time—36 and 33 days, respectively.

  • Inventory: Active listings decreased by 8% in November, continuing a trend of reduced inventory. However, overall inventory levels remain at a 10-year seasonal high, up 30% compared to November 2023.

  • New Listings: New listings dropped 26% in November but remain above the 10-year seasonal average and last year’s levels.

Benchmark Prices:

Benchmark prices for the Fraser Valley continued their downward trend for the eighth consecutive month. Here's a breakdown by property type:

  • Single Family Homes: The benchmark price for a detached home is $1,148,260, down 4% from October and 0.1% from last year.

  • Townhouses: The benchmark price for townhouses is $835,000, up 3% from October but down 2% compared to November 2023.

  • Apartments: The benchmark price for apartments is $536,000, down 1.3% from October and 1.2% from last year.

Despite these declines, the market remains relatively stable, with apartment prices showing a more significant decrease than detached homes or townhouses.

Municipal Breakdown:

Abbotsford

  • Detached homes: $1,193,000 (down 2% from October, up 2.9% from last year)
  • Townhouses: $651,000 (up 3% from October, up 1.9% from last year)
  • Condos: $438,000 (down 1.9% from October, up 0.9% from last year)

Mission

  • Detached homes: $1,261,100 (up 0.9% from October, up 3.6% from last year)
  • Townhouses: $678,900 (up 3% from October, up 1.9% from last year)

White Rock/South Surrey

  • Detached homes: $1,871,400 (down 1.9% from October, down 3.7% from last year)
  • Townhouses: $952,000 (down 6% from October, down 1.8% from last year)
  • Apartments: $630,000 (down 4.5% from October, down 4.2% from last year)

Langley

  • Detached homes: $1,684,000 (up 3% from October, up 4% from last year)
  • Townhouses: $867,000 (up 0.3% from October, same as last year)
  • Apartments: $610,000 (down 6% from October, down 4% from last year)

Delta/North Delta

  • Detached homes: $1,484,400 (up 1.1% from October, up 4.3% from last year)
  • Townhouses: $957,200 (up 1.9% from October, same as last month)
  • Apartments: $569,200 (down 2% from October, down 0.1% from last year)

Surrey (Combined)

  • Detached homes: $1,629,000 (down 0.9% from October, down 1% from last year)
  • Townhouses: $864,000 (down 4% from October, down 1% from last year)
  • Apartments: $526,000 (down 1% from October, down 1.5% from last year)

Chilliwack Market Insights:

Chilliwack's real estate market continues to perform well, now chilliwack is not technically apart of the fraser valley. But lets face it, its as close as it gets, it is in the Valley after all! with an increase in the number of single-family home sales compared to last year. Prices have remained stable, which is a positive sign for buyers and sellers in the area.

  • Single Family Homes: Chilliwack’s single-family homes are an attractive option for buyers looking for value in the Fraser Valley. The area offers relatively affordable homes, especially when compared to more expensive markets like Abbotsford or Langley. Chilliwack has become a sought-after location for those looking to purchase a home in a quieter, more rural setting while still being within commuting distance of Vancouver.

  • New Developments & Community Growth: Chilliwack is growing rapidly, with new developments like the 1881 District and expanding communities in Sardis and Garrison Crossing adding to the appeal. These areas offer modern amenities, walkable neighbourhoods, and proximity to nature, all at a more affordable price point than other parts of the Fraser Valley.

  • Promontory & Ryder Lake: In areas like Promontory and Ryder Lake, you can find beautiful homes with large lots and stunning views, often priced $300,000 to $400,000 less than similar properties in cities like Abbotsford. These communities are especially appealing to buyers seeking more space and privacy while still being part of a growing, connected region.

  • Affordable Living: For many buyers, Chilliwack offers one of the last relatively affordable options within the Lower Mainland. As the cost of housing in Vancouver and surrounding municipalities continues to rise, more buyers are looking toward Chilliwack for more affordable homes without sacrificing the quality of life.

Final Thoughts:

The Fraser Valley market is showing signs of stability, with balanced activity across many municipalities. While benchmark prices have dipped, the overall market remains relatively strong compared to last year. The lower inventory levels and increased demand suggest a continued healthy market in the months ahead.

Chilliwack, in particular, stands out as an affordable option for homebuyers, with increasing sales and steady prices. The region’s growth, coupled with its natural beauty and proximity to urban amenities, makes it a compelling choice for those looking to enter the real estate market or those seeking more affordable living options within the Fraser Valley.

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