May 2025: A Glimmer of Sunshine
Hello, Fraser Valley friends! 🌞
After a rather subdued April, the May 2025 real estate stats have arrived, and there's a hint of optimism in the air. Let's delve into the numbers and see what's brewing in our local market.
Sales: A Modest Uptick
In May, the Fraser Valley Real Estate Board recorded 1,183 sales on its Multiple Listing Service® (MLS®), marking a 13% increase from April. While this is a positive shift, it's worth noting that sales were still 22% below May 2024 levels and 36% below the 10-year seasonal average.
Inventory: Choices Abound
Active listings rose by 6% from April, reaching 10,626—a 34% increase year-over-year and 54% above the 10-year seasonal average. New listings also saw a 7% uptick from April to May, totaling 4,007.
This surge in inventory provides buyers with more options, but it also means sellers are facing increased competition. Homes priced appropriately for today's market are selling, while others may linger.
Market Conditions: Still Favoring Buyers
The sales-to-active listings ratio stands at 11%, indicating the Fraser Valley remains in a buyer's market (a balanced market ranges between 12% and 20%).
Benchmark Prices: Slight Declines
Single-Family Detached: $1,481,900 (down 1.6% from April; down 3.2% from May 2024)
Townhomes: $832,800 (virtually unchanged from April; down 2.5% from May 2024)
Apartments: $532,700 (down 0.9% from April; down 4.0% from May 2024)
These modest price adjustments may provide opportunities for buyers seeking value in the current market.
Days on Market: Homes Moving Steadily
In May, single-family detached homes averaged 34 days on the market, condos 33 days, and townhomes 27 days.
Looking Ahead
While economic factors like job security, inflation, and the cost of living continue to influence buyer behavior, the increased inventory and slight price adjustments suggest a market that's slowly finding its footing.
Whether you're considering buying, selling, or simply keeping an eye on the market, staying informed is key. Feel free to reach out if you have questions or need personalized insights.
Until next time, stay informed and enjoy the summer vibes! 🌼
-Ashley