February 2025 Real Estate Stats for the Fraser Valley

February 2025 Stats are out and guess what? We are now in a Balanced Market in the Fraser Valley but it really is more of a Buyer's Market with the increase in the number of home, townhomes and condos for sale.
Sales - 866 units which is up 11% compared to January and down 27% compared to this time last year.
Prices - median sales price was $1,060,000 this was up 3% year over year and up 1% from the previous month
Actives - (for sale) 6155 units which is up 54% compared to this time last year and up 13% from January 2025. This is great to see inventory up but back in say 2014 we regularly saw inventory of 12,000 units for sale and this was when prices were about 50% or more of what they are today. So demand is still here and inventory remains relatively low compared to 10 years ago.
Basically in today's market the Buyers have more choices than they did last year of the year before and can use this to offer less and negotiate on price and sometimes get what they want on price and if not they can go elsewhere and try again. So, Sellers need to be reasonable when it comes to price if they really want to sell. What is reasonable though when it comes to price? Reasonable is what the market will support and by that I mean what will someone pay for it? I sometimes ask Sellers would you pay this price for your home? If you are a Seller, ask yourself "Would I pay X for this home today?" If the answer is no then you can safely assume others won't either. So, if you are thinking of Selling now or in the near future then let's sit down and discuss your options and your pricing.
If you want to Buy something let me know and we can talk options too! If you want to Buy a condo - new construction or re-sale as an investment there are a tonne of options out there right now with all kinds of developer incentives to bring you in. And remember it is always, always in your best interest to work with a real estate agent that can look out for your needs. #CallCosburn and get results that count!