May 2024 Vancouver Market Update

Monthly Market Update (Fraser Valley - May 2024)

Key Statistics:

• Average Home Price: $1,100,000 (up 3% from last month)
• Number of Homes Sold: 450 (down 5% from last month)
• Average Days on Market: 21 days (up from 18 days last month)
• Price per Square Foot: $550

Demographics:

• Population Growth: 2.5% annually
• Median Household Income: $85,000
• Average Household Size: 3.2 people

Economic Indicators:

• Unemployment Rate: 4.8%
• Major Employers: Tech sector, education, and healthcare
• New Developments: Downtown revitalization project in Abbotsford

Neighborhood Highlights:

• Best School District: Langley with multiple top-ranked schools
• Lowest Crime Rates: Mission, particularly in the Hatzic area
• Amenities: New shopping complex in Surrey, upcoming park in White Rock

Summary:

Fraser Valley Real Estate Market Overview: The Fraser Valley real estate market continues to show resilience with a slight increase in average home prices despite a minor drop in the number of homes sold. The average days on the market have increased slightly, indicating a more balanced market. Population growth remains strong, supported by robust employment in the tech, education, and healthcare sectors.

Buyer Insights: With the average price per square foot holding steady, buyers should explore emerging neighborhoods like Mission and Aldergrove for better value. Families will find Langley particularly attractive due to its high-performing schools.

Seller Insights: Sellers can benefit from the current market trends by listing their properties now to capitalize on the price appreciation. Properties in sought-after areas like White Rock with new amenities are likely to attract more interest.

Economic Outlook: The upcoming downtown revitalization projects and new commercial developments in key areas such as Surrey are expected to further boost the local economy, making it a great time for investment in real estate.