Last month was the first time we saw sale prices increase in the Langley and Fraser Valley Real estate market. Before this increase, the last time sale prices saw an increase was July 2023.
With sale prices increasing and rates expected to drop, it should be expected that prices will continue to trend upwards. However, recently, we have seen a surge of new, and active listings hit the market in the Valley. Looking at the new listings outlined below, we can see they have been on an upward trend since December 2023.
I have been seeing a lot of listings in my neighbourhood of Langley come up in March (data is not out for March yet). If Buyers do not come to the plate, we could shift into a balanced market for some asset classes.
Comparing this year to last year at the same time, notice that the absorption in 2023 was far greater than 2024. If this trend continues, we will move away from the seller’s market we have been seeing, especially in the condo and townhome markets.
Sales-to-Active Ratio
Currently, all asset classes except homes on acerage are in a seller’s market in the Valley.
Rates
We have not seen a rate increase since July 12, 2023.
When prices and rates stay fairly level, consumer confidence becomes more prominent. Because we have not seen a rate increase since last summer, we have seen an uptick in consumer confidence.
When the market sees fluctuations like we have, it creates consumer uncertainty.
