SURREY, BC – On the heels of a quiet April, Fraser Valley home sales saw a modest but encouraging uptick in May — a sign that buyer confidence may slowly be returning to the market.
The Fraser Valley Real Estate Board recorded 1,183 sales on its Multiple Listing Service® (MLS®) in May, up 13 per cent from April. Despite the increase, sales were 22 per cent below May 2024 levels and 36 per cent below the 10-year seasonal average.
Overall inventory continues to build, with active listings up six per cent in May, to 10,626, an increase of 34 per cent year-over-year and 54 per cent above the 10-year seasonal average. New listings increased seven per cent from April to May to 4,007.
“High inventory in the Fraser Valley is giving buyers more choice, but it also means sellers are facing more competition,” said Tore Jacobsen, Chair of the Fraser Valley Real Estate Board. “We’re seeing that homes priced appropriately for today’s market are selling, while sellers who aren’t in a rush are choosing to hold off or stand firm on pricing and wait for more favourable conditions.”
The overall sales-to-active listings ratio of 11 per cent indicates the Fraser Valley remains in a buyer’s market. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.
Across the Fraser Valley in May, the average number of days to sell a single-family detached home was 34, while for a condo it was 33 days. Townhomes took, on average, 27 days to sell.
“Many buyers are taking a wait and see approach, hoping for the economy to improve,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “Job security, inflation, and the cost of living continue to weigh on the minds of many families. As soon as greater confidence begins to return, we could start to see more activity in the market.”
The composite Benchmark price in the Fraser Valley decreased one per cent in May, to $963,200.
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