The Fraser Valley real estate data for August 2024 hasn’t shown the encouraging signs that many hoped for, particularly following recent interest rate drops, which have yet to make a significant impact on the market. I have explained the reason for this phenomenon in my blog here.
Stagnant Prices in Fraser Valley
Prices across the Fraser Valley have remained largely unchanged compared to July 2024, indicating that the market is in a holding pattern. The expected price movement hasn’t materialized, leaving many buyers and sellers wondering when the effects of lower interest rates will be felt.
Single-Family Homes: Mixed Performance
When looking at single-family home sales, Abbotsford and Mission have been the weakest performers, dragging down overall market data for the region. Abbotsford saw an 18% drop in sales, while Mission experienced a more dramatic 34% decline. In contrast, South Surrey saw a 22% increase in sales, and North Delta reported a 50% jump. The City of Surrey had a modest 1% increase.
Townhomes and Condos: A Tough Market
The performance of townhomes and condos has been underwhelming across the board. Townhome sales were down in key areas:
- North Delta: -16%
- Surrey: No change
- White Rock: -26%
- Langley: -40%
- Abbotsford: -32%
Condos followed a similar trend, with sales numbers dropping compared to July 2024.
What Does This Mean for Sellers?
If you have a townhome or condo listing and are finding it hard to close deals, don’t be discouraged—it’s a market-wide issue, not a reflection of your efforts. The market is currently slow, and many listings are seeing less activity.
Benchmark Prices: Little Movement
In terms of benchmark prices, there has been little to no change when compared to both August 2023 and July 2024. Prices have remained stable, reflecting the overall stagnation in the market.
Overall, the Fraser Valley real estate market in August 2024 has been slow, with interest rate drops yet to influence the market positively. For now, patience is key for listing agents but a great opportunity for buyers.
You can download the full package here
