Fraser Valley Real Estate Market December 2020

Fraser Valley Real Estate Market December 2020

Record‐shattering December caps unexpected year in Fraser
Valley real estate

DECEMBER 2020 MARKET REPORT

Fraser Valley Real Estate Report

New Year, Same Market! 

The typical seasonal cycles simply did not apply for the 6 month period to close out the year, and that trend is continuing into 2021.  The story continues to be unwavering demand for family‐sized homes in our region and so far, there is no sign of it slowing down.  With 2,086 sales, it was the strongest December on record and 81% above normal for the month. Current overall inventory in the Fraser Valley is 28 per cent below normal.  The result was a December Sales to Active Listings Ratio for all property types in the Fraser Valley of 53% (more than one out of every two properties sold).  This number will vary strongly with each specific market, geographic location, and property type.  Please reach out to the Team for more information on your specific situation.  All the best in 2021!

See Listed Properties For Sale in Langley BC

Please give us a call, shoot us a text, write us an email, or send a carrier pigeon to get the conversation started on what this means for you. 

If you are considering selling, buying or just have questions about the market, please give us a call today and let’s chat.

GO TO LAST MONTHS STATS



All Fraser Valley Areas Combined

  • Detached – SALES DOWN FROM LAST MONTH: -9.9%
  • Townhouse – SALES DOWN FROM LAST MONTH: -5.8%
  • Condo/Apt – SALES UP FROM LAST MONTH: 6.3%

Abbotsford

  • Detached – SALES DOWN FROM LAST MONTH: -11.9%
  • Townhouse – SALES UP FROM LAST MONTH: 23.0%
  • Condo/Apt – SALES UP FROM LAST MONTH: 25.4%

Mission

  • Detached – SALES UP FROM LAST MONTH: 7.7%
  • Townhouse – SALES DOWN FROM LAST MONTH: -66.7%
  • Condo/Apt – FROM LAST MONTH: 0.0%

White Rock / South Surrey

  • Detached – SALES UP FROM LAST MONTH: 16.8%
  • Townhouse – SALES UP FROM LAST MONTH: 3.8%
  • Condo/Apt – SALES UP FROM LAST MONTH: 22.2%

Langley

  • Detached – SALES DOWN FROM LAST MONTH: -42.7%
  • Townhouse – SALES DOWN FROM LAST MONTH: -21.5%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -20.5%

Delta – North

  • Detached – SALES DOWN FROM LAST MONTH: -4.3%
  • Townhouse – FROM LAST MONTH: 0.0%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -81.8%

Surrey – Central

  • Detached – SALES DOWN FROM LAST MONTH: -10.4%
  • Townhouse – SALES DOWN FROM LAST MONTH: -7.2%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -16.1%

Surrey – Cloverdale

  • Detached – SALES DOWN FROM LAST MONTH: -29.8%
  • Townhouse – SALES DOWN FROM LAST MONTH: -21.4%
  • Condo/Apt – SALES UP FROM LAST MONTH: 27.8%

Surrey – North

  • Detached – SALES UP FROM LAST MONTH: 9.3%
  • Townhouse – SALES UP FROM LAST MONTH: 37.5%
  • Condo/Apt – SALES UP FROM LAST MONTH: 13.0%

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

Record‐shattering December caps unexpected year in Fraser
Valley real estate

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 favoring 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.


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