March shatters monthly sales and new listings records in the Fraser Valley

Fraser Valley real estate hit two historical highs in March, setting records for both

sales and new listings processed in one month since the Fraser Valley Real

Estate Board’s (FVREB) inception in 1921.

In March, the FVREB processed 3,329 residential and commercial sales on its

Multiple Listing Service® (MLS®), an increase of 131 per cent compared to March

2020 and 18 per cent more than were processed in February. The previous record

of 3,006 sales was set in March of 2016.

Larry Anderson, President of the Board, said of this month’s statistics, “This market

is uncharted territory for Fraser Valley real estate. The surprising strength of the

economy, the influence of the pandemic and a lack of inventory of all property

types has created unprecedented demand for housing in our region.

“It is very stressful for buyers. REALTORS® are working hard to guide them through

what has become a protracted, powerful seller’s market. As we continue to help our

clients grapple with escalating prices and multiple offers, March did bring some

good news. It set a record for volume of new listings received improving selection,”

said Anderson.

The Board received 5,087 new listings in March, an increase of 91 per cent

compared to March of last year, and 56 per cent more than were processed in

February. The previous high for new listings was 4,458 in April 2008. Total active

inventory for March was 5,012, a decrease of 18 per cent compared to last year’s

6,083 active listings, however 22 per cent higher than February 2021.

Baldev Gill, Chief Executive Officer of the Board, added, “The impact of the pandemic

on the market cannot be overstated and as we know from the province’s latest announcement, we are in a precarious situation currently. Since the end of the first

lockdown in 2020, the real estate profession has led the way on protecting its

members and the public.

“Realtors take this extra duty to protect their clients during private, in-person showings

very seriously and will continue to remain vigilant until vaccines are rolled out to the

greater population,” added Gill.

Across Fraser Valley, in March, the average number of days to sell a single-family

detached home was 15 and a townhome was 14 days. Apartments took, on average,

31 days to sell.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,237,900, the Benchmark price for an FVREB single-family detached home increased 6.4 per cent compared to February 2021 and increased 25.3 per cent compared to March 2020.
Townhomes: At $624,500, the Benchmark price for an FVREB townhome increased 4.0 per cent compared to February 2021 and increased 13.7 per cent compared to March 2020.
Apartments: At $465,400, the Benchmark price for an FVREB apartment/condo increased 3.2 per cent compared to February 2021 and increased 6.5 per cent compared to March 2020.