Fraser Valley home sales remained steady in July; lowest supply in 40 years

JUNE 2021 MARKET REPORT

Fraser Valley Real Estate Report

Inventory. Inventory. Inventory… or the lack there of, is the biggest factor in the current Fraser Valley real estate market.  The number of sales were down in July from June, but this is typical for the summer months.  What is interesting is that July sales were down 4.5% from the same month last year (still 15% higher than the ten year average), while at the same time listings were down a whopping 31.5%!  This shows that there is still significant demand, which we just don’t have the inventory to support.  

It is still a strong seller’s market and you know you can get top dollar for your current home.  That then begs the question, where do you go?  What do you buy?  Don’t worry; we have great strategies for whatever your situation is.  Pick up the phone and call us to discuss or watch your email for an upcoming newsletter on this very topic.

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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: -13.0%
• Townhouse – SALES DOWN FROM LAST MONTH: -15.4%
• Condo/Apt – SALES DOWN FROM LAST MONTH: -9.4%

Abbotsford

• Detached – SALES DOWN FROM LAST MONTH: -14.7%
• Townhouse – SALES DOWN FROM LAST MONTH: -8.5%
• Condo/Apt – SALES DOWN FROM LAST MONTH: -8.0%

Mission

• Detached – SALES DOWN FROM LAST MONTH: -24.7%
• Townhouse – SALES UP FROM LAST MONTH: 20.0%
• Condo/Apt – SALES FROM LAST MONTH: 0.0%

White Rock / South Surrey

• Detached – SALES DOWN FROM LAST MONTH: -18.7%
• Townhouse – SALES DOWN FROM LAST MONTH: -16.1%
• Condo/Apt – SALES UP FROM LAST MONTH: 9.0%

Langley

• Detached – SALES DOWN FROM LAST MONTH: -20.1%
• Townhouse – SALES DOWN FROM LAST MONTH: -14.4%
• Condo/Apt – SALES DOWN FROM LAST MONTH: -12.4%

Delta – North

• Detached – SALES DOWN FROM LAST MONTH: -1.5%
• Townhouse – SALES DOWN FROM LAST MONTH: -15.8%
• Condo/Apt – SALES DOWN FROM LAST MONTH: -8.3%

Surrey – Central

• Detached – SALES UP FROM LAST MONTH: 5.6%
• Townhouse – SALES DOWN FROM LAST MONTH: -27.4%
• Condo/Apt – SALES DOWN FROM LAST MONTH: -23.0%

Surrey – Cloverdale

• Detached – SALES DOWN FROM LAST MONTH: -13.3%
• Townhouse – SALES DOWN FROM LAST MONTH: -14.9%
• Condo/Apt – SALES DOWN FROM LAST MONTH: -64.1%

Surrey – North

• Detached – SALES DOWN FROM LAST MONTH: -20.5%
• Townhouse – SALES UP FROM LAST MONTH: 44.0%
• Condo/Apt – SALES UP FROM LAST MONTH: 2.2%

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

Fraser Valley home sales remained steady in July; lowest supply in forty years

SURREY, BC – Market activity in the Fraser Valley – both sales and new listings – softened in July, however buyers
continued to significantly outnumber sellers resulting in inventory reaching the lowest for the month since 1981.
The Board processed a total of 2,006 property sales on its Multiple Listing Service® (MLS®) in July, a decrease of 11
per cent compared to June and a 4.5 per cent decrease compared to the same month last year. Sales continued to
remain above normal for July – 15 per cent above the ten‐year average.
Larry Anderson, President of the Board, said, “A summer slowdown is typical. We anticipated that once people
could travel and enjoy family time safely, they would do so, and we couldn’t be happier for everyone.
“Demand for homes in our region, however, remains above average – for fourteen months we have been in a
seller’s market for Fraser Valley detached homes, townhomes and condos – and yet for the last four months, new
listings in our region have been decreasing.”
In July, the Board received 2,431 new listings, a decrease of 31.5 per cent compared to last year, and a decrease of
22 per cent compared to June 2021. The month ended with total active inventory sitting at 4,901, a 10.5 per cent
decrease compared to June, and 33 per cent fewer than July 2021.
Baldev Gill, Chief Executive Officer of the Board, added, “To put our market in perspective, we just came off the
third highest sales for July in the last ten years, while home buyers looking to invest in the Fraser Valley had the
same level of inventory to choose from that they had forty years ago.
“For the market to reach equilibrium and upward pressure on prices to decrease, we need more inventory.”
Across Fraser Valley, in July, the average number of days to sell a single‐family detached home was 26 and a
townhome was 15 days. Apartments took, on average, 24 days to sell.

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MLS® HPI Benchmark Price Activity

• Single Family Detached: At $1,319,200, the Benchmark price for an FVREB single‐family detached home decreased 0.4 per cent compared to June 2021 and increased 30.9 per cent compared to July 2020..
• Townhomes: At $688,400, the Benchmark price for an FVREB townhome increased 1.5 per cent compared to June 2021 and increased 22.3 per cent compared to July 2020.
• Apartments: At $494,000, the Benchmark price for an FVREB apartment/condo increased 0.1 per cent compared to June 2021 and increased 13.0 per cent compared to July 2020.

Find the June 2021 Statistics Package here.

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