Friday, March 4, 2022

Fraser Valley Housing Market Statistics - February 2022

FVREB posts record volume of new listings in February

Buyers of Fraser Valley real estate had significantly more inventory to choose from last month due to a record-breaking volume of new listings received for the month of February.

The Fraser Valley Real Estate Board (FVREB) received 3,742 new listings in February, an increase of 75.3 per cent compared to January, and an increase of 14.6 per cent compared to February of last year. The previous highest February for new listings was 3,283 in 2016.

The FVREB processed a total of 1,824 sales of all property types on its Multiple Listing Service® (MLS®) in February 2022, a decrease of 35.2 per cent compared to February 2021, and 39.2 per cent higher compared to January 2022. Sales remain strong at 18 per cent above the 10-year average.

By month end, February’s total active listings available for purchase were 3,790, a decrease of 8.0 per cent compared to the same month last year, however 62.5 per cent higher than what was available at the end of January. It’s the highest month-over-month increase in active listings in the Fraser Valley in 20 years.

“Although the market is still far from balanced, it is encouraging to see new listings increase again for the second month in a row,” said Fraser Valley Real Estate Board President, Larry Anderson.

“We’re hopeful that this trend will be sustained leading into the spring season as more sellers come on stream to help soften the market and provide opportunities for the many buyers who’ve been sidelined over the past year and a half.”

“Buyers are looking for value for their real estate dollar and the Fraser Valley market still delivers compared to other regions throughout the Lower Mainland,” said Baldev Gill CEO of the Fraser Valley Real Estate Board.

“That said, supply fundamentals continue to be the number one issue facing real estate markets in all regions across the province. Until there is a concerted effort to address inventory, buyers will continue to face challenging market conditions.”

In the Fraser Valley region, the average number of days to sell an apartment in February was 12 days, and 11 days for townhomes. Single family detached homes averaged 13 days before selling. The one-year comparison is 35, 21 and 21 respectively.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,670,800, the Benchmark price for an FVREB single-family detached home increased 6.5 per cent compared to last month and increased 43.6 per cent compared to February 2021.
Townhomes: At $840,900, the Benchmark price for an FVREB townhome increased 5.6 per cent compared to last month and increased 40.1 per cent compared to February 2021.
Apartments: At $614,800 the Benchmark price for an FVREB apartment/condo increased 7.1 per cent compared to last month and increased 36.3 per cent compared to February 2021.

For the full Statistics Package click HERE

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Wednesday, February 2, 2022

January 2022 Housing Market Statistics

Glimmer of hope for Fraser Valley home buyers

as new listings surge in January

On the heels of the busiest year in history for Fraser Valley real estate, January activity

saw the beginnings of a market rebalancing. Overall property sales — still the third

highest ever for January — cooled compared to December while the volume of new

listings improved significantly.

The Fraser Valley Real Estate Board processed a total of 1,310 sales of all property types

on its Multiple Listing Service®(MLS®) in January 2022, a decrease of 23.7 per cent

compared to January 2021, and 27.5 per cent lower compared to December 2021.

The Board received 2,135 new listings in January, an increase of 67.1 per cent

compared to December 2021, and a decrease of 23.3 per cent compared to January of

last year. Total active listings for the month were 2,332, down 44.6 per cent compared to

January 2021, however an increase of 19.2 per cent compared to December 2021.

Larry Anderson, President of the Board, said, "In January, REALTORS® saw the return of

home sellers. Yes, sales in our region remain elevated, but a positive, early trend for

2022 is we experienced a significant increase in requests from sellers to list.

"It's early days yet, but if this trend continues into spring, we could see an easing of the

supply-demand dynamic in our region. We have a long way to go to replenish our housing

stock and bring much-needed balance to the market, but this is a step in the

right direction."

Baldev Gill, Chief Executive Officer of the Board, said, "For almost two years, Fraser

Valley REALTORS® have worked hard to help their clients navigate safely during the

longest, most intense seller's market in our Board's history. This protracted pandemic

market has resulted in considerable upward pressure on home prices.

"We anticipate the seasonal influx of new inventory, such as we're already seeing, could

provide a welcome, albeit far from fully adequate, easing of price growth moving

into 2022."

In January 2022, the average number of days to sell a single-family detached home in

the Fraser Valley was 25, compared to 35 days in January 2021; 12 days on average to

sell a townhome and 17 days for apartments, compared to 28 and 37 days respectively,

in January of last year.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,569,300, the Benchmark price for an FVREB
single-family detached home increased 4.6 per cent compared to December 2021
and increased 41.8 per cent compared to January 2021.
Townhomes: At $796,500, the Benchmark price for an FVREB townhome increased
4.0 per cent compared to December 2021 and increased 37.2 per cent compared to January 2021.
Apartments: At $574,300, the Benchmark price for an FVREB apartment/condo increased 4.6 per cent compared to December 2021 and increased 30.6 per cent compared to January 2021.

For the FULL Listing Statistics Package click HERE

Know someone moving ANYWHERE in the WORLD?

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Serving Abbotsford, Chilliwack, Mission, Langley, Surrey and the WORLD!

Office Phone: 604-743-7653

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Friday, January 7, 2022

Fraser Valley Housing Market Statistics - December 2021

Fraser Valley real estate market sees busiest year in 100-year history

Fueled by the consumer response to the COVID‐19 pandemic along with historically low interest rates, total property sales in the Fraser Valley in 2021 shattered the previous annual record last set in 2016.

The FVREB processed 27,692 sales its Multiple Listing Service® (MLS®) in 2021, an increase of 39.0 per cent compared 19,926 sales in 2020; and 15.5 per cent higher than 2016’s 23,974 sales.

Larry Anderson, President of the Board, said, “No one could have predicted how the pandemic would impact the real estate market. Our region's relative affordability, combined with a newfound ability to work from home and the value for housing dollar in the Fraser Valley attracted buyers in numbers like we’ve never seen.

“Whether helping sellers list or helping buyers complete a sale, our Board averaged over 5,200 transactions every month. And even though our volume of new listings was also high, it just couldn’t keep up with the demand.“

Year-over-year, sales of detached homes soared by 31.8 per cent in 2021 compared to 2020; townhome sales increased by 33.7 per cent and sales of apartments increased by 68.9 per cent. Anderson added, “With the rapid escalation of prices in 2021, many buyers made decisions based on economic factors, resulting in an explosion of condo sales in our region.“

In 2021, the FVREB received 35,629 new listings – the second highest on record (second only to 2008 at 35,651); and 12.4 per cent more than in 2020.

Baldev Gill, Chief Executive Officer of the Board, said, “Fraser Valley REALTORS® played an instrumental role in helping people navigate their real estate buying and selling needs, through uncharted territory. It's the professionalism and expertise of our members who have done a remarkable job serving the interests and needs of buyers and sellers throughout a most challenging and unusual year.“

In the month of December, the Board's MLS® processed 1,808 sales, second only to December 2020’s record-setting 2,086 sales. New listings in December were 1,278. By month's end, active inventory finished at 1,957 units, 60 per cent below the 10-year average, and the lowest in 41 years.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,500,000, the Benchmark price for an FVREB single-family detached home increased 3.6 per cent compared to November 2021 and increased 39.0 per cent compared to December 2020.
Townhomes: At $765,800, the Benchmark price for an FVREB townhome increased 3.5 per cent compared to November 2021 and increased 32.9 per cent compared to December 2020.
Apartments:At $549,200, the Benchmark price for an FVREB apartment/condo increased 3.5 per cent compared to November 2021 and increased 25.3 per cent compared to December 2020.