the vancouver rennie review | June 2024

fraser valley board area CONDO - MAY 2 0 2 4

SALES TO LISTINGS RATIO 24% SELLERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▲ 2% VS 2023

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 0.8% VS 2023

▲ 1.9% VS 2023

▲ 56% VS 2023

▼ 14% VS 2023

There were 1,857 condo listings in the Fraser Valley board area in May, 8% above April and 56% higher than May 2023. May condo sales decreased by 1.8% month-over-month, to 447, and were 14% below May 2023.

THIS MONTH No.

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

The sales-to-listing ratio for condos in the Fraser Valley board area, at 24%, re'ected a sellers' market.

TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

$668 $561,310 $545,000 24% 447 1,857

$654 $557,029 $535,000 44% 517 1,187

2% 0.8% 1.9% -45% -14% 56%

$669 $580,159 $549,900 26% 455 1,726

-0.1% -3% -0.9% -9% -1.8% 8%

The condo median price in May was $545,000, a 0.9% decrease from April and 1.9% above May 2023. The average sold price was $561,310, 3% below last month; the average PSF sale price was $668, down 0.1% to last month.

▶ AVG PRICE PER SQUARE FOOT

▶ RECENT TRENDS

● MAY 2023 ● MAY 2024

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

1,857

1,726

1,466

1,455

1,410

1,271

1,425

1,339

1,187

1,303

1,285

1,179

1,165

567

455

422

414

517

447

458

408

343

319

308

289

278

$550K

$550K

$545K

$535K

$538K

$540K

$527K

$530K

$531K

$525K

$525K

$525K

$514K

FVREB

REBGV

▶ NUMBER OF BEDROOMS

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET 21% +

BALANCED 12 - 20%

BUYERS' MARKET <12%

● SALES ● TOTAL INVENTORY

● SALES ● TOTAL INVENTORY ● S-L RATIO

500

4+ bdrms

1

400

24

300

3 bdrms

92

36%

200

26% 26%

23%

275

21%

15% 16%

2 bdrms

15%

100

1,124

0

148

<$400K $400K-499K $500K-599K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M+

<2 bdrms

S-L RATIO SALES INVENTORY

144 52 36%

444 115 26%

508 134 26%

438 92 21%

174 26 15%

66 15 23%

26 4 15%

57 9 16%

640

Copyright © 2024 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of June 10, 2024. All data from Greater Vancouver REALTORS®, Fraser Valley Real Estate Board, Whistler Listing System, and rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 13 ●

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