Trevor Miller

Fraser Valley real estate market full steam ahead in January; another record-setter for property sales

SURREY, BC – In a year when the real estate market was at a standstill for months due to COVID-19, total annual sales in the Fraser Valley still finished 12.4 per cent above the 10-year average due to unrelenting, pent-up consumer demand during the second half of 2020.

In December, the Board’s Multiple Listing Service® (MLS®) processed a staggering 2,086 sales, the strongest December on record and 81.2 per cent above normal for the month. New listings in December, were the second highest on record at 1,502. By month’s end, active inventory finished below typical levels, at 3,949 units.

The total sales volume for the year in Fraser Valley was 19,926; an increase of 28.7 per cent compared to 2019’s 15,487 sales and placing it fourth highest for annual sales since 2011.

In 2020, sales of the three main residential property types were as follows: 8,176 single-family detached; 5,102 townhouses; and 4,357 apartments. Year-over-year, sales of detached soared by 41.7 per cent compared to 2019; townhome sales increased by 31.2 per cent and sales of apartments increased by 5.9 per cent.

Chris Shields, President of the Board, observes, “The pandemic upended everything in 2020 and how the real estate market responded to it was nothing short of remarkable. No one could have anticipated a six-month stretch like we’ve just experienced. Typical seasonal cycles did not apply, how we conduct business had to change to keep the public safe; and most unexpected, has been the unwavering demand for family-sized homes in our region and so far, there is no sign of it slowing down.”

A total of 31,693 new listings were received by the Board’s MLS® in 2020, an increase of 3.7 per cent compared to 2019. As with annual sales, 2020 saw the fourth highest volume of new inventory for the Board in the last decade.

Baldev Gill, Chief Executive Officer of the Board, adds, “Although listing volumes appear healthy, our region’s current overall inventory is 28 per cent below normal. For those who have been thinking of selling but have held off due to the pandemic, the industry has mastered how to keep consumers safe using technology and strictly following provincial health guidelines. Ask your REALTOR® if now is a prudent time to list because the market currently is favouring sellers.”

MLS® HPI Benchmark Price Activity 

• Single Family Detached: At $1,079,500, the Benchmark price for an FVREB single-family detached home increased 1.7 per cent compared to November 2020 and increased 13.3 per cent compared to December 2019.
• Townhomes: At $576,200, the Benchmark price for an FVREB townhome increased 1.1 per cent compared to November 2020 and increased 6.9 per cent compared to December 2019.
• Apartments: At $438,300, the Benchmark price for an FVREB apartment/condo increased 0.6 per cent compared to November 2020 and increased 4.7 per cent compared to December 2019.

Find the December Statistics Package here.

“For the fifth consecutive month, demand for real estate in the Fraser Valley showed no signs of waning.” – FVREB

Unrelenting demand for Fraser Valley detached and townhomes continued in November

October marks four consecutive months of record-breaking activity for the Fraser Valley real estate market!

Click HERE to read the latest market update from the FVREB.

Congrats to my wonderful clients Paul & Pat. Their White Rock townhouse had an accepted offer after just 4 days and sold for over asking!

Congrats Paul & Pat!

FVREB reports the highest ever recorded sales for September!

Housing market activity reaches historic levels in September

So, what do the latest stats tell us about the Fraser Valley Real Estate market? Basically, following a COVID-related pause, it’s back with a bang!

Click HERE for all the stats and analysis from the FVREB.

Contact me to find out your property’s current market value, or for expert help in finding your next dream home!

Property sales in the Fraser Valley more than double in one month as buyers return to the market

Exquisite mega-townhouse in Wills Creek! Featuring 3662 sqft of luxury living, with 5-bedrooms (including double-masters w/large walk-in closets) and 5-bathrooms. Formal dining room, media room, and huge chef’s kitchen w/granite counters and stainless steel Fisher & Paykel appliances. Over-height ceilings & hardwood floors throughout. Strata-owned Geo-thermal heating and air conditioning w/HEPA & UV furnace filtration system. Amenities centre w/full gym, outdoor pool & hot tub. Walking distance to Morgan Creek golf course, Southridge and shops at Morgan Crossing.

Looking to sell? Contact me to find out your home’s current market value.