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Eye on the Market: February 2024

Please see below the latest video market update on the Fraser Valley housing market by the Fraser Valley Real Estate Board.

Some key points from the video on housing activity in the Fraser Valley:

  • homes sales picked up for the second straight month
  • sales of homes in February 2024 totalled 1,235 which was up 32% over the month prior and up 38% over the year prior
  • inventory levels of homes for sale has been increasing; active listings were 5,561 in February which was up by 14% from the month prior and up 26% from the year earlier
  • there were 2,797 new listings which was higher by 18% over the month prior and up 44% over the past year
  • benchmark home prices were up for the first time in six months
  • The overall sales to active listings ratio went up to 22% which marks a seller's market
It seems that pent-up demand from sidelined buyers has matched rising inventory of homes for sale, leading to a fairly busy start to the spring housing market.
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