Fraser Valley Real Estate Market June 2021

Fraser Valley Real Estate Market June 2021

Mirroring the weather, Fraser Valley’s hot housing market cooled slightly in June going from a boil to a simmer

JUNE 2021 MARKET REPORT

Fraser Valley Real Estate Report

In June, Fraser Valley’s hot housing market went from a boil to a simmer. Sales in June remained strong (22% above the 10-year average) however for the first time since last September, monthly sales did not break a historical record.  Essentially, we’ve gone from an extreme Seller’s market to a strong Seller’s market.

Offers with subjects are back and we’re even seeing the occasional price reduction.  It’s definitely more appealing for buyers than it has been in previous months.  However, to get back to balance we still need to see a dramatic increase in active listings, as a lack of supply continues to be the largest factor affecting our market.

A reminder though that each specific sub area and product type will experience different dynamics. For example, in Langley, detached homes from May through June saw a decrease in inventory, the number of sold listings, and the median sale price.  While during the same period Langley’s attached market also saw a decrease in both inventory and the number of sold listings, however there was a slight uptick in the median sale price.


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: -26.3%
  • Townhouse – SALES DOWN FROM LAST MONTH: -19.5%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -21.3%

Abbotsford

  • Detached – SALES DOWN FROM LAST MONTH: -24.0%
  • Townhouse – SALES DOWN FROM LAST MONTH: -23.4%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -9.4%

Mission

  • Detached – SALES DOWN FROM LAST MONTH: -9.0%
  • Townhouse – SALES DOWN FROM LAST MONTH: -37.5%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -50.0%

White Rock / South Surrey

  • Detached – SALES DOWN FROM LAST MONTH: -28.7%
  • Townhouse – SALES DOWN FROM LAST MONTH: -25.6%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -28.8%

Langley

  • Detached – SALES DOWN FROM LAST MONTH: -19.4%
  • Townhouse – SALES DOWN FROM LAST MONTH: -15.5%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -14.7%

Delta – North

  • Detached – SALES DOWN FROM LAST MONTH: -31.6%
  • Townhouse – SALES UP FROM LAST MONTH: 11.8%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -36.8%

Surrey – Central

  • Detached – SALES DOWN FROM LAST MONTH: -27.1%
  • Townhouse – SALES DOWN FROM LAST MONTH: -15.2%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -21.8%

Surrey – Cloverdale

  • Detached – SALES DOWN FROM LAST MONTH: -42.3%
  • Townhouse – SALES DOWN FROM LAST MONTH: -21.2%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -11.4%

Surrey – North

  • Detached – SALES DOWN FROM LAST MONTH: -30.2%
  • Townhouse – SALES DOWN FROM LAST MONTH: -37.5%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -29.9%

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

Mirroring the weather, Fraser Valley’s hot housing market cooled slightly in June going from a boil to a simmer

SURREY, BC – Sales on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) remained robust in
June however, for the first time since last September, monthly sales did not break a historical record.
In June, the Board processed 2,247 sales on its MLS®, a decrease of 24 per cent compared to May and a 31 per
cent increase compared to June of last year. Sales continued to remain elevated compared to a typical June – 22
per cent above the ten‐year average.
Larry Anderson, President of the Board, said, “In June, we shifted from an extreme seller’s market to a strong
seller’s market. Although demand for Fraser Valley homes remains very high – over 40 per cent of active listings
sold in June – we’re seeing the market settle down giving buyers and sellers more room to maneuver.
“We’re now seeing more subject offers and for the first time in months, we’re starting to see price reductions.”
In June, the Board received 3,108 new listings, a decrease of 10 per cent compared to last year, and a decrease of
21 per cent compared to May 2021. The month ended with total active inventory sitting at 5,474, a 7 per cent
decrease compared to May, and 22.5 per cent fewer than June 2020.
Anderson continued, “A lack of supply continues to be the single largest factor affecting the market. Simply put, to
meet current demand and get back to balance, we need about 3,500 more active listings in our region.”
Baldev Gill, Chief Executive Officer of the Board, added, “Effective July 1, as part of Stage 3 of BC’s Restart Plan,
REALTORS® are again allowed to hold in‐person showings and open houses while continuing to adhere to public
safety recommendations.
“For more than a year, our industry has put tremendous effort into keeping the public safe and we will remain
vigilant. We’d like to express our sincere appreciation to the public for your continued support and cooperation.”
Across Fraser Valley, in June, the average number of days to sell a single‐family detached home was 17 and a
townhome was 12 days. Apartments took, on average, 21 days to sell.

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,324,400, the Benchmark price for an FVREB single‐family detached home increased 0.1 per cent compared to May 2021 and increased 33.2 per cent compared to June 2020..
  • Townhomes: At $678,400, the Benchmark price for an FVREB townhome increased 1.3 per cent compared to May 2021 and increased 21.2 per cent compared to June 2020.
  • Apartments: At $493,500, the Benchmark price for an FVREB apartment/condo increased 1.0 per cent compared to May 2021 and increased 13.4 per cent compared to June 2020.

Find the June 2021 Statistics Package here.


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