Gelderman.ca Fraser Valley Real Estate

 

Near record-breaking new listings in the 

Fraser Valley not enough to match 

insatiable buyer demand

Fraser Valley’s extraordinary pandemic real estate market continued to break  sales records – for the ninth consecutive month – while at the same time,  reaching near-historic levels of new listings in May.      In May, the Fraser Valley Real Estate Board (FVREB) processed 2,951 sales  on its Multiple Listing Service® (MLS®), an increase of 267 per cent compared  to May 2020 and a 2 per cent decrease compared to April. (Note that last year,  the market was significantly restricted due to the lockdown.) The previous record  high for sales in May for the Fraser Valley region was 2,911 in 2016.      Larry Anderson, President of the Board, said, “Demand hasn’t changed. What’s  changed is supply. In the last three months, buyers have 40 per cent more  inventory to look at in the Fraser Valley and it’s allowed them to take back a little   control.    “We’re seeing resistance to multiple offers and buyers adjusting their offers, or  even waiting, because they have more selection. We’re a long way from a  balanced market, but supply is helping us to head in the right direction.”   In May, the Board received the second-highest volume of new listings ever;   approaching May 2018 levels. The Board received 3,926 new listings in May,  an increase of 78 per cent compared to last year, and a decrease of 22 per cent   compared to April 2021. The month ended with total active inventory sitting at  5,868, a 3 per cent decrease compared to April, and 9 per cent less than May  of last year.      Baldev Gill, Chief Executive Officer of the Board, added, “In the context of   BC’s Restart Plan, it’s important to remind consumers that for now, when it comes  to working with a real estate professional or booking a private showing, it’s  status quo. Currently, there is no easing of pandemic restrictions in the real estate  sector and our Board does not anticipate new guidelines for several weeks.  Your REALTOR® will continue to guide you safely through the buying and selling  process, following all public safety protocols, for as long as necessary.”   Across Fraser Valley, in May, the average number of days to sell a single-family  detached home was 14 and a townhome was 12 days. Apartments took, on  average, 20 days to sell. MLS® HPI Benchmark Price Activity Single Family Detached: At $1,323,300, the Benchmark price for an FVREB single-family detached home increased 2.3 per cent compared to April 2021 and increased 33.6 per cent compared to May 2020. Townhomes: At $670,000, the Benchmark price for an FVREB townhome increased 2.7 per cent compared to April 2021 and increased 20.7 per cent compared to May 2020. Apartments: At $488,500, the Benchmark price for an FVREB apartment/condo increased 2.0 per cent compared to April 2021 and increased 12.6 per cent compared to May 2020. For the FULL Statistics Package click HERE Know someone moving ANYWHERE in the WORLD?  Call us today--we know the BEST agents everywhere!!   Serving Abbotsford, Chilliwack, Mission, Langley, Surrey and the WORLD!   Office Phone: 604-743-7653 Visit our main Web Site gelderman.ca Visit our Luxury Property Web Site fvluxuryhomes.com