October brings welcome boost to Fraser Valley, but sales still lag seasonal averages
Fraser Valley home sales climbed for the second straight month in October, a sign that some buyers may be responding to steadily easing prices.
After a short-lived rise in September, new listings slowed in October, down 14 per cent month-over-month and seven per cent year-over-year. Overall inventory remains well above seasonal norms for the Fraser Valley.
“Motivated sellers are responding to increasingly competitive market conditions with more realistic pricing strategies,” said Tore Jacobsen, Chair of the Fraser Valley Real Estate Board. “As a result, we’re seeing prices soften—a shift that’s helping to facilitate sales in a slower market.”
The Fraser Valley remains firmly in a buyer’s market, with an overall sales-to-active listings ratio of 11 per cent in October, up from nine per cent in September. The modest increase reflects a rise in sales alongside a slight decline in inventory. A balanced market is typically defined by a ratio between 12 and 20 per cent.
“While these early signs are encouraging, the path back to seasonal average sales levels will take time,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “As more new supply comes on stream and sellers adapt to the shifting dynamics, we expect the market to respond accordingly.”
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