Surrey & Langley 2024 March Market Update

Welcome back to our monthly update on the real estate market! I'm Scott Moe from Moe Real Estate Team, here to share insights from March 2024, a month that proved interesting for both buyers and sellers in the market. Let's dive into the details to help you understand the current trends and what they mean if you're planning to buy or sell property soon.

Overview of March 2024 Real Estate Activity

March is traditionally a busy month in real estate, but this year, it deviated from the norm. Here’s a breakdown of what happened:

Sales Trends

Total Sales: March saw 1,395 properties change hands. This represents a significant 133% increase from February, suggesting a seasonal uptick as we head into spring. However, it’s important to note that these numbers are still 31% below the 10-year average for March, making it the second slowest March in the past decade.

Listing Activity

New Listings: There were 2,986 new listings, up 7% from February but still 12% below the decade average for March.

Active Listings: By the end of March, there were 6,197 active listings on the market, showing an increase of 11% from February and a substantial 37% rise compared to March last year.

Market Conditions

Market Type: With a sales-to-listing ratio of 23%, the market is slightly tipped towards sellers. For context, a ratio between 12% to 20% indicates a balanced market.

Price Movements: Detached homes saw a price increase of 2.1% from February, townhouses were up 1.9%, and apartments increased by 1.6%. Year-over-year, all categories showed a growth of between 6% to 9%.

Implications for Buyers and Sellers

For Buyers

The increase in inventory is a positive development if you're looking to purchase a home. More listings mean more choices and potentially less competition per listing, though the market remains slightly in favor of sellers. With interest rates impacting buyer qualification, the expected drop in rates could further invigorate the market.

For Sellers

Despite the lower-than-average activity, the rise in prices across housing types and the competitive nature of some listings (about 75% of our listings received multiple offers) indicate that well-priced homes in desirable locations can still attract significant interest. Sellers should consider strategic pricing and perhaps setting an offer date to maximize potential.

Looking Ahead

As we move into April and May, traditionally the peak months for real estate activity, we anticipate further increases in new listings. This could balance the market somewhat, providing opportunities for both buyers and sellers to achieve their real estate goals.

Conclusion

While March 2024 wasn't as robust as previous years, the market shows signs of a healthy spring season ahead. Whether you are looking to buy or sell, understanding these trends will help you make informed decisions.

For those in the Cloverdale, Surrey, Langley, and White Rock areas, our team is ready to provide expert advice and support. Reach out with any questions—no pressure, no obligation. We’re here to help you navigate the real estate landscape.

Remember, staying informed is key in any real estate market, and we're here to provide the insights you need. Subscribe to my YouTube channel to stay informed and up-to-date on all things real estate in the area. Thanks for tuning in, and we look forward to bringing you more updates next month!