The Fraser Valley Real Estate Board (FVREB) has had eight consecutive record-breaking months, beating the previous longest streak of monthly bests set from 2015 to 2016.
April’s 3,016 sales tops the previous high for the month set in 2016 of 2,969 sales, according to a May 4 news release.
It was also an increase of 338 per cent compared to sales last year, but a nine per cent decrease compared to March. It should be noted that April 2020 sales were hampered by the pandemic lockdown.
“Although it remains very competitive and challenging for buyers, April could be the turning point in this historic market. In the last couple of weeks, we have seen evidence of a change in pace,” said Larry Anderson, president of the board.
“In general, we’re seeing fewer multiple offers, fewer subject-free offers, and homes overpriced are starting to sit longer. These are positive signs that the market is responding to near-record levels of new inventory.”
FVREB received its highest numbers of listings ever in March, and the pace continued into April, with 5,018 new listings, an increase of 254 per cent compared to last year’s numbers.
The new listings improved the total supply available to 6,030, which is 20 per cent higher than March, and the highest it’s been in six months.
“Buyers and sellers will note that we’re already seeing increases in home prices start to slow in response to the new supply,” said Baldev Gill, chief executive officer of the board.
The average number of days to sell a single-family detached home was 13, 10 for a townhome, and 22 for apartments.
- Single Family Detached: At $1,293,300, the Benchmark price for an FVREB single-family detached home increased 4.5 per cent compared to March 2021 and increased 30.3 per cent compared to April 2020.
- Townhomes: At $652,400, the Benchmark price for an FVREB townhome increased 4.5 per cent compared to March 2021 and increased 18.0 per cent compared to April 2020.
- Apartments: At $478,700, the Benchmark price for an FVREB apartment/condo increased 2.9 per cent compared to March 2021 and increased 9.3 per cent compared to April 2020.