This monthly market update was filmed at my listing at 107 1360 Martin Street. It is a beautiful ground-level condo with 2 beds and 2 baths opening up to an oversized west-facing patio. You don't want to miss this one!
Supply of available homes in the Fraser Valley continued to grow throughout April, marking a notable increase in inventory levels. However, buyer activity remained somewhat subdued despite this influx, resulting in a cooler resale market than in previous months. April sales figures landed as the third lowest recorded for this month in the past decade. Nevertheless, the inventory surge persists, reaching levels not seen since September 2020. Active listings surged by 18 percent over the previous month, standing 17 percent above the 10-year average.
In South Surrey, sellers have demonstrated resilience in their pricing strategies, holding firm on their asking prices. This trend is underpinned by the desire to safeguard their positions in the market for their next purchase while maintaining a healthy cash reserve. Consequently, prices for homes that did sell saw a notable uptick of 11.3%, despite a 26.6% decline in sales compared to last year. We find ourselves in a balanced market scenario, with certain pockets of inventory attracting motivated buyers willing to make competitive offers. Sellers are increasingly discerning, rejecting low-ball offers as they await favourable market conditions.
Amidst the caution prevalent in the market, there is encouraging news from Tiff Macklem of The Bank of Canada. Macklem has signalled a renewed downward momentum in underlying inflation, indicating positive strides toward economic stabilization. Addressing the House of Commons finance committee, Macklem conveyed a message of confidence, suggesting that necessary conditions for sustained growth are being met. The next pivotal juncture for the central bank arrives on June 5, presenting a potential opportunity for rate cuts. Such a move is poised to stimulate consumer confidence and reignite buyer activity in the real estate sector.
As we anticipate the potential rate adjustments in June, we foresee a resurgence in buyer confidence and market activity. Don't hesitate to reach out if you're contemplating selling your property or require guidance for your home-buying journey. Let's schedule a chat. I love to work hard to ensure your success. Let me help you to simplify things and allow me to navigate the market for you. Call me!