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

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.

For the full December Statistics Package click HERE

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Fraser Valley Housing Market Statistics - October 2021

 

MLS® sales in the Fraser Valley 

remained strong in October while 

supply continued to diminish

Demand for Fraser Valley real estate remained solid in October with overall  sales the third highest on record. The Board processed a total of 1,938 property sales on its Multiple Listing  Service® (MLS®) in October, an increase of 3.9 per cent compared to  September and a decrease of 18.2 per cent compared to the same month  last year. Larry Anderson, President of the Board, said, “What we’re seeing is a  combination of above‐average sales with below‐average new listings which  is placing strong upward pressure on home prices, for all residential  categories, month‐over‐month.     “It is a very challenging time, particularly for buyers. I empathize with clients  who have been trying to buy a home for more than a year without success  after multiple attempts. Now, more than ever is the time when buyers and  sellers alike must rely on their REALTOR® to guide and advise them in  considering all available options, including a change in community or even  property type.”   After rebounding slightly in September, new listings decreased in October.  The Board received 2,188 new listings, a decrease of 29.0 per cent compared  to last year, and a decrease of 6.6 per cent compared to September 2021.  The month ended with a total active inventory of 3,447, which is a 9.6 per cent  decrease compared to September, and a 49.8 percent decrease compared to  October 2020.     Baldev Gill, Chief Executive Officer of the Board, said, “Fraser Valley is a top  destination currently in BC for buyers looking for relatively affordable  family‐sized homes. Townhomes and single‐family homes are selling on  average within two to four weeks in our region, with buyers keenly watching  the market for new listings.”     Across the Fraser Valley, in October, the average number of days to sell a  single‐family detached home was 28 and a townhome was 18 days.  Apartments took, on average, 27 days to sell.   MLS® HPI Benchmark Price Activity Single Family Detached:  At $1,396,700, the Benchmark price for an FVREB single‐family detached home increased 2.5 per cent compared to September 2021 and increased 33.4 per cent compared to October 2020. Townhomes:  At $720,500 the Benchmark price for an FVREB townhome increased 1.9 per cent compared to September 2021 and increased 26.6 per cent compared to October 2020. Apartments:  At $514,200 the Benchmark price for an FVREB apartment/condo increased 1.9 per cent compared to September 2021 and increased 18.3 per cent compared to October 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 Web Sites for all your Real Estate Needs! Let our expertise help YOU achieve YOUR Goals! Luxury Home Sales & Service: fvluxuryhomes.com Main Team Web Site: gelderman.ca Central Valley Aldergrove Web Site: aldergroveproperty.com