The Fraser Valley Real Estate Board (FVREB) has broken sales records for six months in a row, according to their monthly numbers release.
“Fraser Valley’s real estate market experienced property sales at levels never seen before in the 100-year history of the FVREB,” the March 2 update says.
Last month, a total of 2,815 sales were made of their listing service, an increase of 108 per cent compared to February 2020, and a 60 per cent increase over last month’s sales. The sales were 88 per cent above the 10-year average for February and 18 per cent above the previous record made in 2016.
“This is new territory for us. We have never seen such consistent and persistent demand for housing in the Fraser Valley,” said Chris Shields, president of the board. “What’s fueling the demand is the combination of record-low interest rates and the response to the pandemic.
“For family-sized homes, prices climbed 3 to 5 per cent in February alone and sold on average in three weeks.”
A total of 3,265 were listed for sale with FVREB in February, an increase of 28 per cent over last year, and the second highest number for the month in the last decade. The total active inventory for February was 4,120, down 28 per cent from last year and the lowest ever for the month.
“They recognize that their housing dollar goes further. The challenge is selection,” said Baldev Gill, CEO of the board. “We anticipate as the vaccination roll-out accelerates, confidence to list will increase and we’ll see inventory return to more normal levels.”
In February, a single-family detached home and a townhome averaged 21 days to sell, while a apartments took on average 35 days to sell.
Benchmark price activity:
- Single Family Detached: At $1,163,400, the benchmark price for an FVREB single-family detached home increased 5.1 per cent compared to January 2021 and increased 19.9 per cent compared to February 2020.
- Townhomes: At $600,300, the benchmark price for an FVREB townhome increased 3.4 per cent compared to January 2021 and increased 10.1 per cent compared to February 2020.
- Apartments: At $450,900, the benchmark price for an FVREB apartment/condo increased 2.5 per cent compared to January 2021 and increased 5.3 per cent compared to February 2020.