Fraser Valley Real Estate Market Update: September 2024

It looks like things are starting to shift in the Fraser Valley, with rising inventory levels and slower sales. In fact, active listings are now the highest they’ve been in 10 years, and sales are down 30% compared to the 10-year average! 

September saw just 982 sales, marking an 8% drop from August and over 10% down from this time last year. It’s definitely starting to feel like a buyer’s market, especially in the detached home sector. Surrey is seeing the largest impact of a Buyer's Market. South Surrey is also seeing a Buyers market with areas like Elgin and King George Cooridor sitting at 3-4% sales ratios. Cloverdale is seeing a more balanced market and Abbotsford is balanced to Buyer's market while Langley is holding steady in a more balanced market. 

As interest rates continue to ease, buyers are keeping a close eye on the market, waiting for the right moment to make their move. But while conditions seem to favor buyers, many properties are still sitting longer than expected, as both buyers and sellers anticipate what the next rate announcement will bring.

If you’re looking to buy or sell in this shifting market, now is the time to strategize. Let’s connect and plan your next move! 

Heather Spencer

604-613-6177