The Fraser Valley Real Estate Board (FVREB) has broken sales records for nine months in a row.
Last month, a total of 2,951 sales were processed, and increase of 267 per cent compared to May’s numbers from 2020. The previous high for May was 2,911 sales in 2016. The month’s sales saw a two per cent decrease compared to April.
“Demand hasn’t changed. What’s changed is supply. In the last three months, buyers have 40 per cent more inventory to look at in the Fraser Valley and it’s allowed them to take back a little control,” said Larry Anderson, president of the board.
“We’re seeing resistance to multiple offers and buyers adjusting their offers, or even waiting, because they have more selection. We’re a long way from a balanced market, but supply is helping us to head in the right direction.”
May also had the second-highest volume of new listings ever for the month with 3,926, the record previously being set in 2018. This is a 78 per cent increase compared to last year, but a 22 per cent decrease compared April.
The total active inventory sits at 5,868, a three per cent decrease from April, and a nine per cent decrease compared to the previous May.
“In the context of BC’s Restart Plan, it’s important to remind consumers that for now, when it comes to working with a real estate professional or booking a private showing, it’s status quo,” said Baldev Gill, CEO of the board Currently. “There is no easing of pandemic restrictions in the real estate sector and our board does not anticipate new guidelines for several weeks.”
It took an average of 14 days to sell a single-family detached home, 12 days for a townhome and 20 days for an apartment, according to the board.
Benchmarks:
- Single Family Detached: At $1,323,300, the benchmark price for an FVREB single-family detached home increased 2.3 per cent compared to April 2021 and increased 33.6 per cent compared to May 2020.
- Townhomes: At $670,000, the benchmark price for an FVREB townhome increased 2.7 per cent compared to April 2021 and increased 20.7 per cent compared to May 2020.
- Apartments: At $488,500, the benchmark price for an FVREB apartment/condo increased 2.0 per cent compared to April 2021 and increased 12.6 per cent compared to May 2020.
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