Gelderman.ca Fraser Valley Real Estate

 

Another month, another record 

for property sales in the Fraser Valley

For the sixth consecutive month, Fraser Valley’s real estate market experienced  property sales at levels never seen before in the 100-year history of the Fraser  Valley Real Estate Board (FVREB). In February, the FVREB processed a total of 2,815 sales on its Multiple Listing  Service® (MLS®), an increase of 108 per cent compared to February 2020 and  64 per cent more than were processed in January 2021. To provide a historical  perspective, sales in February were 88 per cent above the 10-year average for  that month; and 18 per cent higher than the previous record of 2,387 sales in  February 2016. Chris Shields, President of the Board said of this month’s record numbers,  “This is new territory for us. We have never seen such consistent and persistent  demand for housing in the Fraser Valley.   “What’s fueling the demand is the combination of record-low interest rates and  the response to the pandemic. It’s not something that could have been predicted  and it has created a very complex market for buyers that requires the knowledge  and expertise of a professional. For family-sized homes, prices climbed 3 to 5  per cent in February alone and sold on average in three weeks. We understand  the stress and frustration with the market currently and we’re here to help guide  and protect home buyers.”   The Board received 3,265 new listings in February, an increase of 28 per cent  compared to February of last year, placing it second highest for February for  new listings in the last decade. The total active inventory for February was 4,120,  down 28 per cent from last year’s 5,741 active listings, and the lowest ever for  the month.   Baldev Gill, Chief Executive Officer of the Board, added, “We know more people  are choosing to move to the Fraser Valley right now because they’re seeking  more usable space, a better quality of life, and they recognize that their housing  dollar goes further. The challenge is selection. We anticipate as the vaccination  roll-out accelerates, confidence to list will increase and we’ll see inventory return  to more normal levels. In the meantime, REALTORS® will continue to ensure   consumer safety is at the forefront of all home viewings and transactions.”   Across Fraser Valley, in February, the average number of days to sell a   single-family detached home and a townhome was 21 days. Apartments took   on average 35 days to sell.   MLS® HPI Benchmark Price Activity Single Family Detached: At $1,163,400, the Benchmark price for an FVREB single-family detached home increased 5.1 per cent compared to January 2021 and increased 19.9 per cent compared to February 2020. Townhomes: At $600,300, the Benchmark price for an FVREB townhome increased 3.4 per cent compared to January 2021 and increased 10.1 per cent compared to February 2020. Apartments: At $450,900, the Benchmark price for an FVREB apartment/condo increased 2.5 per cent compared to January 2021 and increased 5.3 per cent compared to February 2020. For the FULL February Listings Statistics Package, please click HERE Know someone moving ANYWHERE in the WORLD?  Call me today--I know the BEST agents everywhere!!   Serving Abbotsford, Chilliwack, Mission, Langley, Surrey and the WORLD!