Supply came booming back last month, according to the Fraser Valley Real Estate Board (FVREB), who are reporting a record-breaking month for new listings in February.
FVREB received a total of 3,742 new listings in February, an increase of 75.3 per cent from January and an increase of 14.6 per cent from February, 2021. The previous record was 3,283 new listings set in 2016.
“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 Larry Anderson, FVREB’s president.
“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.”
The total active listings by the end of the month were 3,790, an increase of 62.5 per cent from January, and decrease of eight per cent compared to February last year. That is the highest month-over-month increase for active listings in the FVREB for 20 years.
FVREB sold 1,824 sales of all property types in February, 39.2 per cent higher than January, but a decrease of 35.2 per cent from last year. Sales are currently 18 per cent above the 10-year average.
“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 FVREB.
The average number of days to sell a house in the Fraser Valley was 13 days.
It was 12 days for an apartment, and 11 days for townhomes.
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 Feb. 2021.
Townhomes:
At $840,900, the benchmark price for a townhome increased 5.6 per cent compared to last month and increased 40.1 per cent compared to Feb. 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 Feb. 2021.