Fraser Valley January home sales typical;

new listings lagging

above the 10-year average for the month, while new listings finished 11 per cent

below historical norms.

The Fraser Valley Real Estate Board processed 974 sales of all property types on

its Multiple Listing Service® (MLS®) in January, a 21.9 per cent decrease compared

to sales in December 2019, and a 24.2 per cent increase compared to the 784 sales

in January of last year.

Of the 974 total MLS® sales of residential and commercial combined in the

Fraser Valley, 363 were single family detached homes, 241 were townhouses,

and 248 were apartments.

"Considering our record-shattering snow and cold, the pace of home sales

remained surprisingly balanced in January," said Darin Germyn, President of

the Board. “Sales in our region have steadily improved since July of last year

and January's numbers remained consistent with that trend."

There were 5,143 active listings available in the Fraser Valley at the end of

January, an increase of 9.8 per cent compared to December 2019’s inventory

and a decrease of 14.2 per cent year-over-year.

Additionally, 2,216 new listings were received by the Board for the month, a

significant increase compared to December 2019’s intake of 948 new listings

and a 15.1 per cent decrease compared year-over-year.

"Where the weather may have had an impact in January, is on our housing

supply," observed Germyn. "For certain property types, listings in the

Fraser Valley are not keeping pace with sales. In areas of Surrey and Langley

for example, for every two townhomes listed, one is selling. So, if you’re thinking

of buying, talk to your REALTOR® about local market conditions to understand

the variances."

MLS® HPI Benchmark Price Activity

Single Family Detached: At $960,800, the Benchmark price for a single-family detached home in the Fraser Valley increased 0.7 per cent compared to December 2019 and, also increased 0.7 per cent compared to January 2019.
Townhomes: At $518,000, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley increased 0.6 per cent compared to December 2019 and decreased 0.8 per cent compared to January 2019.
Apartments: At $408,400, the Benchmark price for apartments/condos in the Fraser Valley increased 0.7 per cent compared to December 2019 and decreased 0.1 per cent compared to January 2019.