Fraser Valley Real Estate Market February 2022

Fraser Valley Real Estate Market February 2022

FVREB posts record volume of new listings in February

FEBRUARY 2022 MARKET REPORT

Fraser Valley Real Estate Report

We hinted at it in last month’s newsletter….and it happened! Buyers Rejoice!

We experienced the highest month-over-month increase in active listings in the Fraser Valley in 20 years, resulting in a long-awaited shift in the market.  The Fraser Valley Real Estate Board (FVREB) received 3,742 new listings in February, an increase of 75.3% compared to January.  This means more options for Buyers, and while there’s still a way to go, it’s a step towards market balance.  The strategies for this transitioning market are changing, so reach out to the Team to see what makes sense for your situation. 


See Listed Properties For Sale in Langley BC

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 UP FROM LAST MONTH: 45.8%
  • Townhouse – SALES UP FROM LAST MONTH: 55.0%
  • Condo/Apt – SALES UP FROM LAST MONTH: 24.2%

Abbotsford

  • Detached – SALES UP FROM LAST MONTH: 56.8%
  • Townhouse – SALES UP FROM LAST MONTH: 7.7%
  • Condo/Apt – SALES UP FROM LAST MONTH: 37.3%

Mission

  • Detached – SALES UP FROM LAST MONTH: 67.7%
  • Townhouse – SALES FROM LAST MONTH: –%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -44.4%

White Rock / South Surrey

  • Detached – SALES UP FROM LAST MONTH: 47.1%
  • Townhouse – SALES UP FROM LAST MONTH: 60.0%
  • Condo/Apt – SALES UP FROM LAST MONTH: 24.2%

Langley

  • Detached – SALES UP FROM LAST MONTH: 55.6%
  • Townhouse – SALES UP FROM LAST MONTH: 112.2%
  • Condo/Apt – SALES UP FROM LAST MONTH: 13.5%

Delta – North

  • Detached – SALES UP FROM LAST MONTH: 107.1%
  • Townhouse – SALES UP FROM LAST MONTH: 266.7%
  • Condo/Apt – SALES UP FROM LAST MONTH: 150.0%

Surrey – Central

  • Detached – SALES UP FROM LAST MONTH: 2.8%
  • Townhouse – SALES UP FROM LAST MONTH: 41.4%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -7.8%

Surrey – Cloverdale

  • Detached – SALES UP FROM LAST MONTH: 107.7%
  • Townhouse – SALES UP FROM LAST MONTH: 53.8%
  • Condo/Apt – SALES UP FROM LAST MONTH: 111.1%

Surrey – North

  • Detached – SALES UP FROM LAST MONTH: 28.6%
  • Townhouse – SALES UP FROM LAST MONTH: 27.3%
  • Condo/Apt – SALES UP FROM LAST MONTH: 32.0%

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

FVREB posts record volume of new listings in February

SURREY, BC – Buyers of Fraser Valley real estate had significantly more inventory to choose from last month due to a
record-breaking volume of new listings received for the month of February.
The Fraser Valley Real Estate Board (FVREB) received 3,742 new listings in February, an increase of 75.3 per cent
compared to January, and an increase of 14.6 per cent compared to February of last year. The previous highest
February for new listings was 3,283 in 2016.
The FVREB processed a total of 1,824 sales of all property types on its Multiple Listing Service® (MLS®) in February
2022, a decrease of 35.2 per cent compared to February 2021, and 39.2 per cent higher compared to January 2022.
Sales remain strong at 18 per cent above the 10-year average.
By month end, February’s total active listings available for purchase were 3,790, a decrease of 8.0 per cent compared
to the same month last year, however 62.5 per cent higher than what was available at the end of January. It’s the
highest month-over-month increase in active listings in the Fraser Valley in 20 years.
“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 Fraser Valley Real Estate Board President, Larry Anderson. “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.”
“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 Fraser Valley Real Estate Board. “That said, supply
fundamentals continue to be the number one issue facing real estate markets in all regions across the province. Until
there is a concerted effort to address inventory, buyers will continue to face challenging market conditions.”
In the Fraser Valley region, the average number of days to sell an apartment in February was 12 days, and 11 days for
townhomes. Single family detached homes averaged 13 days before selling. The one-year comparison is 35, 21 and 21
respectively.

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MLS® HPI Benchmark Price Activity

  • 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 February 2021.
  • Townhomes: At $840,900, the Benchmark price for an FVREB townhome increased 5.6 per cent compared to last month and increased 40.1 per cent compared to February 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 February 2021.

Find the February 2022 Statistics Package here.


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