SURREY, BC – Sluggish seasonally-adjusted sales and a continued rise in inventory has the Fraser Valley market slowly shifting to favour buyers.
The Fraser Valley Real Estate Board recorded 1,230 sales in July, down by seven per cent over last month and down by 26 per cent over the 10-year seasonal average.
Inventory levels in the Fraser Valley reached a 10-year seasonally adjusted high in July with active listings at 8,731, up 5 per cent over June and 41 per cent higher than July 2023.
New listings were flat in July, down by less than half a per cent from June, to 3,412. With a sales-to-active listings ratio of 14 per cent, overall market conditions are balanced. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.
Download: FVREB Stats Package (July 2024)
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