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 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 Web Site ANYTIME! Click HERE For our Luxury Home Division click HERE

 

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?  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 Web sites anytime: www.gelderman.ca fvluxuryhomes.com