Fraser Valley Real Estate Market January 2021

Fraser Valley Real Estate Market January 2021

In a month that is usually one of the quietest in real estate, Fraser Valley’s market continued at a breakneck pace.

JANUARY 2020 MARKET REPORT

Fraser Valley Real Estate Report

Another month, another record.  January is a slow month for real estate?  Not this year.  The Fraser Valley market experienced the strongest January sales on record.  An increase of 76% compared to January 2020 and 72% above the 10-year average.

Many Buyers, after finding out how much over the list price a place sold for, make comments such as “it’s not worth that” or “that’s not market value”.  However, the reality is that when a property sells for over asking it is not selling for over market value.  Market value is simply what a current Buyer is willing to pay and what a current Seller is willing to sell their property for in the current market (supply / demand) conditions.  Buyer’s who understand this perspective are likely also the ones being successful in multiple offers.

While the challenge continues to be a lack of supply, we’ve seen a month over month increase in supply levels compared to December and we anticipate this to continue into what is typically a busy Spring market. More inventory is what’s needed to help balance the market and this will be a very welcome sight to the Buyers out there.

In every market there are opportunities…..here’s one we’d like to point out:  The benchmark price of a single-family detached home in the Fraser Valley increased 15.2% from January 2020 to January 2021.  If you bought a detached house within the past several years, chances are you have more equity than you think.  Take advantage of this by refinancing (at all time low interest rates) and put some of that money to work for you by purchasing an investment property.  At 4.4%, condo’s have seen far less of a price increase year over year, but this may not last.  Sounds like a good opportunity to us.   

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: -23.0%
  • Townhouse – SALES DOWN FROM LAST MONTH: -8.0%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -18.6%

Abbotsford

  • Detached – SALES DOWN FROM LAST MONTH: -14.3%
  • Townhouse – SALES DOWN FROM LAST MONTH: -29.3%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -42.9%

Mission

  • Detached – SALES DOWN FROM LAST MONTH: -26.8%
  • Townhouse – SALES UP FROM LAST MONTH: 150.0%
  • Condo/Apt – FROM UP LAST MONTH: 40.0%

White Rock / South Surrey

  • Detached – SALES DOWN FROM LAST MONTH: -27.5%
  • Townhouse – SALES UP FROM LAST MONTH: 14.8%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -31.8%

Langley

  • Detached – SALES DOWN FROM LAST MONTH: -15.9%
  • Townhouse – SALES UP FROM LAST MONTH: 5.3%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -2.0%

Delta – North

  • Detached – SALES DOWN FROM LAST MONTH: -28.4%
  • Townhouse – FROM UP LAST MONTH: 100.0%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -25.0%

Surrey – Central

  • Detached – SALES DOWN FROM LAST MONTH: -17.1%
  • Townhouse – SALES DOWN FROM LAST MONTH: -14.9%
  • Condo/Apt – SALES UP FROM LAST MONTH: 11.5%

Surrey – Cloverdale

  • Detached – SALES DOWN FROM LAST MONTH: -23.7%
  • Townhouse – SALES DOWN FROM LAST MONTH: -25.5%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -8.7%

Surrey – North

  • Detached – SALES DOWN FROM LAST MONTH: -35.9%
  • Townhouse – SALES DOWN FROM LAST MONTH: -21.2%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -16.4%

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

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

SURREY, BC – In a month that is usually one of the quietest in real estate, Fraser Valley’s market continued at a breakneck pace, producing the strongest January sales on record as well as a modest uptick in new listings.
The Fraser Valley Real Estate Board processed a total of 1,718 sales of all property types on its Multiple Listing Service® (MLS®) in January 2021, an increase of 76 per cent compared to January 2020 and 18 per cent fewer then were processed in December 2020.

Sales in January set a new, record high for the month; 72 per cent above the
10‐year average, and 28 per cent higher than the previous record of 1,338 sales set in January 2016.
“Buyers are very motivated right now,” said Chris Shields, President of the Board, “Lending rates are the lowest they’ve ever been, your housing dollar goes further in the Fraser Valley and we’ve seen a societal shift in the last
year in how people value their homes. People are asking us to find them more space.
“I am working with a young couple who want and are able to move up – from a condo to a townhome – due to interest rates and the equity they’ve gained over the last couple of years. The challenge is supply. It improved
slightly in January, but we’ve got a long way to go to replenish our housing stock. It remains a seller’s market.”
The Board received 2,784 new listings in January 2021, an increase of 26 per cent compared to January of last year. Total active inventory for the month was 4,210, down 18 per cent from last year’s 5,143 active listings, and still 30
per cent below the 10‐year average.


Baldev Gill, Chief Executive Officer of the Board, added, “Homeowners may be reluctant to sell because of concerns about buying and selling safety protocols; or the challenge of finding a new home to buy. The industry
has worked hard to make it as easy as possible for you to thoroughly evaluate homes online first and then, for serious, final consideration, strict regulations are in place for in‐person viewing.
“And note, we’re already seeing an improvement in supply levels compared to December, a trend we anticipate that will continue as spring approaches bringing what is typically one of the busiest markets of the year.”
In January 2021, the average number of days to sell a single‐family detached home in the Fraser Valley was 35, compared to 60 days in January 2020; 28 days on average to sell a townhome and 37 days for apartments,
compared to 47 and 49 days respectively, in January of last year.

MLS® HPI Benchmark Price Activity

  • Single Family Detached: Single Family Detached: At $1,106,500, the Benchmark price for an FVREB single‐family detached home increased 2.5 per cent compared to December 2020 and increased 15.2 per cent compared to January 2020.
  • Townhomes: At $580,800, the Benchmark price for an FVREB townhome increased 0.8 per cent compared to December 2020 and increased 7.2 per cent compared to January 2020.
  • Apartments: At $439,800, the Benchmark price for an FVREB apartment/condo increased 0.3 per cent compared to December 2020 and increased 4.4 per cent compared to January 2020.

Find the January Statistics Package here.


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