May brings much-needed lift to Fraser Valley housing market
On the heels of a quiet April, Fraser Valley home sales saw a modest but encouraging uptick in May — a sign that buyer confidence may slowly be returning to the market.
“High inventory in the Fraser Valley is giving buyers more choice, but it also means sellers are facing more competition,” said Tore Jacobsen, Chair of the Fraser Valley Real Estate Board. “We’re seeing that homes priced appropriately for today’s market are selling, while sellers who aren’t in a rush are choosing to hold off or stand firm on pricing and wait for more favourable conditions.”
The overall sales-to-active listings ratio of 11 per cent indicates the Fraser Valley remains in a buyer’s market. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.
Across the Fraser Valley in May, the average number of days to sell a single-family detached home was 34, while for a condo it was 33 days. Townhomes took, on average, 27 days to sell.
“Many buyers are taking a wait and see approach, hoping for the economy to improve,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “Job security, inflation, and the cost of living continue to weigh on the minds of many families. As soon as greater confidence begins to return, we could start to see more activity in the market.”
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