Market Report: Real Estate Trends for Fraser Valley and South Surrey

As we dive into the summer of 2024, South Surrey and the Fraser Valley offer unique opportunities and evolving real estate trends. Our blog post can shed light on the current state of the summer market, helping both buyers and sellers navigate the current real estate landscape with confidence!

Fraser Valley Real Estate Market Overview

The Fraser Valley market is slowly shifting to favour buyers due to slower seasonally adjusted sales and a continued rise in inventory. The Fraser Valley experienced its second-slowest July real estate sales in a decade. The Fraser Valley Real Estate Board recorded 1,230 sales in July, down by 7% from June and 26% below the 10-year seasonal average. However, inventory levels reached a 10-year high, with 8,731 active listings, up 5% from June and 41% higher than last year in July 2023.

New Fraser Valley listings in July 2024 were relatively flat, down by less than half a percent from June, totalling 3,412. The market is considered balanced, with a sales-to-active listings ratio of 14%. Typically, a balanced market should fall between 12% and 20%.

Across the Fraser Valley in July, the average number of days to sell a property was:

Single-Family Detached Homes: 31 days
Condos: 28 days
Townhomes: 25 days

Benchmark prices in the Fraser Valley dipped slightly in July. The composite Benchmark price fell below $1 million for the first time since January 2024, standing at $999,100.

South Surrey and White Rock Real Estate Market Overview

For the first time in several years, White Rock and Surrey homeowners may find their property values didn’t increase. The latest housing assessment figures in British Columbia show residential property markets softening across the province.

White Rock: The typical assessed value of a single-family home dropped from $1,754,000 to $1,725,000, a 2% decrease from last year.

Surrey: The value of a single-family home remained unchanged from the 2023 assessment, staying at $1,609,000.

Strata Homes (Condos and Townhomes): In Surrey, values increased by 1%, with homes now valued at $710,000 compared to $700,000 in 2023. White Rock had a minimal change, with values at $636,000, up from $633,000 in 2023.

Market Outlook

The real estate markets in the Fraser Valley and South Surrey/White Rock during the Summer of 2024 present unique opportunities for buyers and sellers. The Fraser Valley is showing signs of a balanced market with buyer-friendly pockets, and South Surrey/White Rock is experiencing a stabilization in property values; it’s an excellent time to explore purchasing options.

Why Choose Phillips & Munro Real Estate Team?

Navigating the complexities of the Fraser Valley, Surrey, and Cloverdale real estate market requires expertise and local knowledge. The Phillips & Munro Real Estate Team is dedicated to providing personalized service to help you make the best decisions, whether buying or selling. Our team understands the nuances of these markets. At Phillips & Munro, we are committed to finding you the perfect home! For tailored advice and expert guidance, trust the Phillips & Munro Real Estate Team to help you navigate these dynamic real estate landscapes.

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