The Fraser Valley real estate market in November 2024 followed seasonal trends, showing signs of balance despite a slight slowdown. Let’s break down the highlights for buyers and sellers interested in Fraser Valley real estate trends this month.
Sales and Market Activity
After a strong October, home sales in Fraser Valley real estate decreased to 1,136 in November, a 15% drop from the previous month. However, sales were 28% higher than November 2023, signaling steady confidence among buyers.
Listings and Inventory
New listings fell 26% compared to October, with 2,367 properties hitting the market. Despite this, active listings reached 8,125, a 30% increase from November 2023 and the highest seasonal inventory in a decade.
Price Trends
The Fraser Valley real estate market saw a slight decrease in the composite benchmark price, which fell 0.2% month-over-month to $969,500.
- Single-Family Homes: $1,482,600, down 0.4% from October and 0.1% from last year.
- Townhomes: $835,100, a 0.3% increase from October but 0.2% lower than November 2023.
- Condos/Apartments: $536,100, down 1.3% from October and 1.2% year-over-year.
Time on Market
In November, homes took longer to sell. Detached houses averaged 43 days, townhomes 33 days, and apartments 36 days on the market.
Looking Ahead
As the year closes, seasonal slowdowns are expected. However, new mortgage lending rules effective December 15, 2024, promise longer amortization periods and lower down payments, likely benefiting buyers in 2025.
For more details, explore resources from the Fraser Valley Real Estate Board. For mortgage options, visit Canada Mortgage and Housing Corporation.
Whether you’re buying or selling, navigating the Fraser Valley real estate market requires expertise. Contact Jared Gibbons, your trusted REALTOR®, to explore your opportunities today!