Monthly sales and new listings in the Fraser Valley continue blistering pace; surge in inventory starting to calm prices

APRIL 2021 MARKET REPORT

Fraser Valley Real Estate Report

Despite April being the eighth consecutive record breaking month for sales (that is a record itself), there was a sense of the Fraser Valley real estate market calming a bit.  It is still very competitive out there, but in general terms we saw an increased supply of inventory leading to fewer multiple offers, fewer subject free offers and even a decline in price increases for some product types.  In a transitioning or fluctuating market like this, it is more critical than ever to work with a professional to ensure that you are getting the advice and strategy for the current market, not yesterday’s.  There are good opportunities out there for both buyers and sellers; let us guide you to the right one for you.

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GO TO LAST MONTHS STATS

All Fraser Valley Areas Combined

• Detached – SALES DOWN FROM LAST MONTH: -10.7%
• Townhouse – SALES DOWN FROM LAST MONTH: -2.6%
• Condo/Apt – SALES DOWN FROM LAST MONTH: -14.4%

Abbotsford

• Detached – SALES DOWN FROM LAST MONTH: -9.5%
• Townhouse – SALES DOWN FROM LAST MONTH: -13.1%
• Condo/Apt – SALES DOWN FROM LAST MONTH: -4.2%

Mission

• Detached – SALES DOWN FROM LAST MONTH: -7.8%
• Townhouse – SALES UP FROM LAST MONTH: 20.0%
• Condo/Apt – SALES DOWN FROM LAST MONTH: -33.3%

White Rock / South Surrey

• Detached – SALES DOWN FROM LAST MONTH: -12.1%
• Townhouse – SALES DOWN FROM LAST MONTH: -5.8%
• Condo/Apt – SALES DOWN FROM LAST MONTH: -17.9%

Langley

• Detached – SALES DOWN FROM LAST MONTH: -0.9%
• Townhouse – SALES DOWN FROM LAST MONTH: -1.6%
• Condo/Apt – SALES DOWN FROM LAST MONTH: -24.1%

Delta – North

• Detached – SALES UP FROM LAST MONTH: 1.0%
• Townhouse – SALES DOWN FROM LAST MONTH: -35.7%
• Condo/Apt – SALES FROM LAST MONTH: 0.0%

Surrey – Central

• Detached – SALES DOWN FROM LAST MONTH: -22.0%
• Townhouse – SALES UP FROM LAST MONTH: 5.4%
• Condo/Apt – SALES UP FROM LAST MONTH: 19.6%

Surrey – Cloverdale

• Detached – SALES DOWN FROM LAST MONTH: -0.9%
• Townhouse – SALES FROM LAST MONTH: 0.0%
• Condo/Apt – SALES DOWN FROM LAST MONTH: -10.0%

Surrey – North

• Detached – SALES DOWN FROM LAST MONTH: -21.1%
• Townhouse – SALES DOWN FROM LAST MONTH: -6.3%
• Condo/Apt – SALES DOWN FROM LAST MONTH: -20.5%

What Does The Fraser Valley Real Estate Board Have To Say?

Monthly sales and new listings in the Fraser Valley continue blistering pace

SURREY, BC – For the eighth consecutive month, Fraser Valley real estate saw record‐breaking sales with April
topping the previous monthly high set in 2016. The 2020/2021 pandemic seller’s market in the Fraser Valley has
now surpassed the previous longest stretch of seven consecutive, record‐breaking months, last set in 2015/2016.
In April, the Fraser Valley Real Estate Board (FVREB) processed 3,016 sales on its Multiple Listing Service® (MLS®),
an increase of 338 per cent compared to April 2020 and a 9 per cent decrease compared to March. (Note that sales
and new listings in April 2020 were significantly restricted due to the pandemic lockdown.) The previous record
high for sales in April was 2,969 in 2016.
Larry Anderson, President of the Board, said, “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.
“In general, we’re seeing fewer multiple offers, fewer subject‐free offers, and homes over‐priced are starting to sit
longer. These are positive signs that the market is responding to near‐record levels of new inventory.”
The Board received the highest volume of new listings ever in March 2021 and that elevated pace continued in
April. Last month, the Board received 5,018 new listings, an increase of 254 per cent compared to April 2020, and a
decrease of 1 per cent compared to March 2021. The influx of new listings improved supply with total active
inventory reaching 6,030 in April 2021, 20 per cent higher than in March and the highest it’s been in six months.
Baldev Gill, Chief Executive Officer of the Board, added, “Buyers and sellers will note that we’re already seeing
increases in home prices start to slow in response to the new supply.
“If you have an active listing now or are thinking of selling, it’s critical to work with a professional REALTOR® to
ensure your asking price is realistic and competitive based on today’s market, not yesterday’s.”
Across Fraser Valley, in April, the average number of days to sell a single‐family detached home was 13 and a
townhome was 10 days. Apartments took, on average, 22 days to sell.

MLS® HPI Benchmark Price Activity

• 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.

Find the April 2021 Statistics Package here.

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