Fraser Valley Real Estate Market January 2022

Fraser Valley Real Estate Market January 2022

Glimmer of hope for Fraser Valley home buyers as new listings surge in January

JANUARY 2022 MARKET REPORT

Fraser Valley Real Estate Report

January activity saw the beginnings of a market rebalancing, with a glimmer of hope for Fraser Valley home buyers as new listings surged.  

Total active listings for the month were 2,332.  While that’s down 44.6% compared to January 2021, it’s an increase of 19.2% compared to December 2021.  

More Sellers are beginning to list their properties, and if this trend continues into spring, it will be a much needed step towards balance to the market. This improvement in the supply-demand dynamic should also begin easing the price growth in 2022.  Here’s hoping!

If you’d like to be part of the solution 🙂 just reach out to the team to find out what your property could sell for in today’s market.  


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 DOWN FROM LAST MONTH: -26.1%
  • Townhouse – SALES DOWN FROM LAST MONTH: -30.2%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -23.2%

Abbotsford

  • Detached – SALES DOWN FROM LAST MONTH: -27.5%
  • Townhouse – SALES UP FROM LAST MONTH: 15.6%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -28.0%

Mission

  • Detached – SALES DOWN FROM LAST MONTH: -27.9%
  • Townhouse – SALES FROM LAST MONTH: –%
  • Condo/Apt – SALES FROM LAST MONTH: –%

White Rock / South Surrey

  • Detached – SALES DOWN FROM LAST MONTH: -15.0%
  • Townhouse – SALES DOWN FROM LAST MONTH: -20.6%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -18.5%

Langley

  • Detached – SALES DOWN FROM LAST MONTH: -29.2%
  • Townhouse – SALES DOWN FROM LAST MONTH: -45.6%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -20.0%

Delta – North

  • Detached – SALES DOWN FROM LAST MONTH: -41.7%
  • Townhouse – SALES DOWN FROM LAST MONTH: -75.0%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -60.0%

Surrey – Central

  • Detached – SALES DOWN FROM LAST MONTH: -23.7%
  • Townhouse – SALES DOWN FROM LAST MONTH: -23.7%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -12.1%

Surrey – Cloverdale

  • Detached – SALES DOWN FROM LAST MONTH: -29.7%
  • Townhouse – SALES DOWN FROM LAST MONTH: -50.9%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -52.6%

Surrey – North

  • Detached – SALES DOWN FROM LAST MONTH: -26.3%
  • Townhouse – SALES DOWN FROM LAST MONTH: -24.1%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -27.8%

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

Glimmer of hope for Fraser Valley home buyers as new listings surge in January

SURREY, BC – On the heels of the busiest year in history for Fraser Valley real estate, January activity saw the beginnings of a
market rebalancing. Overall property sales – still the third highest ever for January – cooled compared to December while the
volume of new listings improved significantly.
The Fraser Valley Real Estate Board processed a total of 1,310 sales of all property types on its Multiple Listing Service®
(MLS®) in January 2022, a decrease of 23.7 per cent compared to January 2021, and 27.5 per cent lower compared to
December 2021.
The Board received 2,135 new listings in January, an increase of 67.1 per cent compared to December 2021, and a decrease
of 23.3 per cent compared to January of last year. Total active listings for the month were 2,332, down 44.6 per cent
compared to January 2021, however an increase of 19.2 per cent compared to December 2021.
Larry Anderson, President of the Board, said, “In January, REALTORS® saw the return of home sellers. Yes, sales in our region
remain elevated, but a positive, early trend for 2022 is we experienced a significant increase in requests from sellers to list.
“It’s early days yet, but if this trend continues into spring, we could see an easing of the supply‐demand dynamic in our
region. We have a long way to go to replenish our housing stock and bring much‐needed balance to the market, but this is a
step in the right direction.”
Baldev Gill, Chief Executive Officer of the Board, said, “For almost two years, Fraser Valley REALTORS® have worked hard to
help their clients navigate safely during the longest, most intense seller’s market in our Board’s history. This protracted
pandemic market has resulted in considerable upward pressure on home prices.
“We anticipate the seasonal influx of new inventory, such as we’re already seeing, could provide a welcome, albeit far from
fully adequate, easing of price growth moving into 2022.”
In January 2022, the average number of days to sell a single‐family detached home in the Fraser Valley was 25, compared to
35 days in January 2021; 12 days on average to sell a townhome and 17 days for apartments, compared to 28 and 37 days
respectively, in January of last year.

.

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,569,300, the Benchmark price for an FVREB single‐family detached home increased 4.6 per cent compared to December 2021 and increased 41.8 per cent compared to January 2021.
  • Townhomes: At $796,500, the Benchmark price for an FVREB townhome increased 4.0 per cent compared to December 2021 and increased 37.2 per cent compared to January 2021
  • Apartments:  At $574,300, the Benchmark price for an FVREB apartment/condo increased 4.6 per cent compared to December 2021 and increased 30.6 per cent compared to January 2021.

Find the January 2022 Statistics Package here.


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