Fraser Valley Real Estate Market March 2021

Fraser Valley Real Estate Market March 2021

March shatters monthly sales and new listings records in the Fraser Valley

MARCH 2021 MARKET REPORT

Fraser Valley Real Estate Report

The Seller’s market marched into March, as the FVREB processed a record setting 3,329 residential and commercial sales, an increase of 131% compared to March 2020 and 18% more than were processed in February.  However, the positive news for Buyer’s (because we know you can use some) is that March also set a record for volume of new listings, thereby increasing selection. The Board received 5,087 new listings in March, an increase of 91% compared to March of last year, and 56% more than were processed in February.  At a sales to active listings ratio of 66% for March, there is still a long way to go to reach the 12-20% range that is typically defined as a balanced market.  However, If the number of new listings continues to increase over the next few months, which is often the case in a typical Spring market, then we may see market dynamics edge closer to more balance, and this would be welcome news for many.  As always, every sub-market is experiencing its own conditions.  For information specific to your situation, please reach out to the Team! 

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: 30.6%
  • Townhouse – SALES DOWN FROM LAST MONTH: -1.9%
  • Condo/Apt – SALES UP FROM LAST MONTH: 21.6%

Abbotsford

  • Detached – SALES UP FROM LAST MONTH: 37.3%
  • Townhouse – SALES FROM LAST MONTH: 0.0%
  • Condo/Apt – SALES UP FROM LAST MONTH: 43.4%

Mission

  • Detached – SALES UP FROM LAST MONTH: 12.5%
  • Townhouse – SALES FROM LAST MONTH: 0.0%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -25.0%

White Rock / South Surrey

  • Detached – SALES UP FROM LAST MONTH: 8.7%
  • Townhouse – SALES UP FROM LAST MONTH: 2.2%
  • Condo/Apt – SALES UP FROM LAST MONTH: 21.9%

Langley

  • Detached – SALES UP FROM LAST MONTH: 75.4%
  • Townhouse – SALES DOWN FROM LAST MONTH: -11.2%
  • Condo/Apt – SALES UP FROM LAST MONTH: 15.7%

Delta – North

  • Detached – SALES UP FROM LAST MONTH: 59.7%
  • Townhouse – SALES UP FROM LAST MONTH: 16.7%
  • Condo/Apt – SALES UP FROM LAST MONTH: 41.7%

Surrey – Central

  • Detached – SALES UP FROM LAST MONTH: 27.1%
  • Townhouse – SALES UP FROM LAST MONTH: 6.3%
  • Condo/Apt – SALES UP FROM LAST MONTH: 12.0%

Surrey – Cloverdale

  • Detached – SALES UP FROM LAST MONTH: 21.5%
  • Townhouse – SALES DOWN FROM LAST MONTH: -10.8%
  • Condo/Apt – SALES UP FROM LAST MONTH: 14.3%

Surrey – North

  • Detached – SALES UP FROM LAST MONTH: 23.5%
  • Townhouse – SALES UP FROM LAST MONTH: 2.1%
  • Condo/Apt – SALES UP FROM LAST MONTH: 19.6%

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

March shatters monthly sales and new listings records in Fraser Valley

SURREY, BC – Fraser Valley real estate hit two historical highs in March, setting records for both sales and new
listings processed in one month since the Fraser Valley Real Estate Board’s (FVREB) inception in 1921.
In March, the FVREB processed 3,329 residential and commercial sales on its Multiple Listing Service® (MLS®), an
increase of 131 per cent compared to March 2020 and 18 per cent more than were processed in February. The
previous record of 3,006 sales was set in March of 2016.
Larry Anderson, President of the Board, said of this month’s statistics, “This market is uncharted territory for Fraser
Valley real estate. The surprising strength of the economy, the influence of the pandemic and a lack of inventory of
all property types has created unprecedented demand for housing in our region.
“It is very stressful for buyers. REALTORS® are working hard to guide them through what has become a protracted,
powerful seller’s market. As we continue to help our clients grapple with escalating prices and multiple offers,
March did bring some good news. It set a record for volume of new listings received improving selection,” said
Anderson.
The Board received 5,087 new listings in March, an increase of 91 per cent compared to March of last year, and 56
per cent more than were processed in February. The previous high for new listings was 4,458 in April 2008. Total
active inventory for March was 5,012, a decrease of 18 per cent compared to last year’s 6,083 active listings,
however 22 per cent higher than February 2021.
Baldev Gill, Chief Executive Officer of the Board, added, “The impact of the pandemic on the market cannot be
overstated and as we know from the province’s latest announcement, we are in a precarious situation currently.
Since the end of the first lockdown in 2020, the real estate profession has led the way on protecting its members
and the public.
“Realtors take this extra duty to protect their clients during private, in‐person showings very seriously and will
continue to remain vigilant until vaccines are rolled out to the greater population,” added Gill.
Across Fraser Valley, in March, the average number of days to sell a single‐family detached home was 15 and a
townhome was 14 days. Apartments took, on average, 31 days to sell.

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,237,900, the Benchmark price for an FVREB single-family detached home increased 6.4 per cent compared to February 2021 and increased 25.3 per cent compared to March 2020.
  • Townhomes: At $624,500, the Benchmark price for an FVREB townhome increased 4.0 per cent compared to February 2021 and increased 13.7 per cent compared to March 2020.
  • Apartments: At $465,400, the Benchmark price for an FVREB apartment/condo increased 3.2 per cent compared to February 2021 and increased 6.5 per cent compared to March 2020.

Find the March 2021 Statistics Package here.


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