Fraser Valley Market Update Overview. January 6th / 2025

 Using the Fraser Valley Real Estate Board (FVREB) statistics for December  2024, I have updated the analysis of the real estate market trends in South Surrey/White Rock and the  Fraser Valley as a whole. 
 
 Fraser Valley Market Overview: 
 
 Annual Sales and Listings: The  FVREB thus released its report for 2024 showing that 14,570 sales were made  which is the lowest annual sales figure seen in the last 10 years and 1% lower than  2023. New listings also soared to the 10-year high of 35,698 this  being the first time in the last 20. 6 years and 20. 6%  higher than the 2023 numbers. 
 
 December Activity: The Board registered 994 sales in December  2024 which is up by 18. 8% from December 2023 although this  was a 12. 5% decrease from November 2024. New listings during the month  of December were 1,288 which was up by 36. 7% from the same  period 6%. last year, but Benchmark down Prices:

from 2,373 that Single-Family were Detached: listed $1,480,400, in this November is a 0. 1% decrease from the prices seen in November 2024 and a  0. 9% increase from the prices seen in December 2023.

 
  Townhomes: $827,900, this was a 0. 9% decrease from the prices seen  in November 2024 while the prices experienced a 0. 3% increase from the prices  seen in December 2023. 

 

Apartments: $533,900; this was a  0. 4% decrease from November 2024 and a 0. 2% decrease from  December 2023. 
 

South Surrey/White Rock Specifics: 
 
 Benchmark Prices: 
  Single-Family Detached: $1,970,700 which was 1. 1% higher  than the previous month and 7. 5% higher than the prices of the same time last  year. 

 

 Townhomes: $970,700 this was up by 1. 1%  from the previous month and by 7. 5% from December of the previous year. 

 

  Apartments: $636,500; this was a 1. 7% increase from the previous  month and a 10. 8% increase from the same period in 2022. 
 

Market Insights: 
 
 The Fraser Valley real estate market was able to list a large number of new listings  in 2024 but this did not translate to better market conditions as affordability was a major issue even  after the mid-year interest rate cuts by the Bank of Canada. The market remained balanced with the sales  to active listings ratio at 16% in December 2024. Nevertheless, the continuing affordability concerns  indicate that the buyers and sellers must have a plan when engaging the market. 
 
 For Buyers and  Sellers: 
 
 It is important to understand the dynamics of the current real estate market in order to make the  right decisions. Whether you are intending to buy or sell a home in South Surrey/White Rock or  the entire Fraser Valley it is important to be knowledgeable of the current trends. Being a dedicated Realtor  working in these areas, I am ready to assist you case. with specific recommendations and recommendations relevant to your