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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.
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