It’s the first week of March 2023 which means the latest real estate market stats are now in from the Fraser Valley Real Estate Board.

What’s the buzz in the market this spring?

Well, we’re seeing some pretty exciting movements. Home sales have been on the rise for two months straight, and guess what? Inventory in the Fraser Valley is finally catching up. It looks like both buyers and sellers are shaking off the winter chill and getting back into the game.

At open houses, there’s a noticeable buzz – lots of foot traffic and keen interest. It feels like the energy is back.

Let’s talk specifics…

Let’s talk specifics for a sec, especially about Surrey Central. Townhomes here have been flying off the shelf, with sales jumping over 45% in February. And it’s not just here; other places are also riding the sales upswing, with notable double-digit growth.

Looking at the Fraser Valley as a whole:

We hit 1,235 sales, up a whopping 32% from last month and 38% more than the same time last year.

New listings? They’re up too – 2,797 in February, marking an 18% increase from January and a 44% jump year-over-year. More choices on the market are always a good sign.

The inventory has swelled by 14%, bringing us to 5,561 active listings.

Here’s something we haven’t seen in a while: benchmark prices for all home types have ticked up for the first time in six months, rising 0.9% from January and almost 5% from last year.

With the sales bump in February, the sales to active listings ratio has edged up to 22%, signaling that sellers are having a bit of a moment across condos, townhomes, and detached homes.

For context, a balanced market usually sees this ratio between 12% and 20%. So, it’s clear there’s a lot of pent-up demand, and homes are moving. It’s a promising start to 2024.

Again, I’m Glen Hopkins, and I’m here to help you navigate the complexities of this constantly changing real estate market. If you have any questions or need some advice, feel free to reach out. I’m always happy to help.