Abbotsford area real estate becoming a buyers market
SURREY — The Fraser Valley real estate market, which includes Abbotsford, Mission and Langley, is slowly shifting in favor of buyers as seasonally adjusted sales drop and inventory levels continue to rise. The Fraser Valley Real Estate Board (FVREB) recorded 1,230 sales in July, a decrease of 7% compared to last month and down by 26% from 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, marking a 5% increase over June and a substantial 41% rise from July 2023.
“Amidst an overall balanced market, some realtors are experiencing pockets within the Fraser Valley that favor buyers, where prices have come down,” said Jeff Chadha, Chair of the FVREB. “This is evident in the amount of time buyers have to view a property before considering making an offer. Properties that are well-priced are selling quickly, suggesting motivated buyers are active in the market despite the slowdown.”
New listings were stable in July, dipping by less than half a percent from June to 3,412. With a sales-to-active listings ratio of 14%, overall market conditions are balanced. The market is considered balanced when the ratio is between 12% and 20%.
