Near record-breaking new listings in the Fraser Valley not enough to match insatiable buyer demand

MAY 2021 MARKET REPORT

Fraser Valley Real Estate Report

Yet again sounding like a broken record, in May the Fraser Valley Real Estate Board processed more sales than ever before.  Despite this, it wasn’t just the same old song and dance though.  After months and months of an extreme shortage of inventory, the board reported the second-highest volume of new listings ever this past month.  This was an increase of about 40% more options for potential buyers to look at than they had in April.  This is great for the real estate market as a whole.  Properties are still selling, and still selling well, but it is not the chaos that we were growing used to.  Buyers are able to take a breath, make an informed decision, and not feel pressured by the competition.  As always, even more so than past months, there are great opportunities out there for both buyers and sellers.  Let us help guide you and find the opportunity that is right for you.

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GO TO LAST MONTHS STATS

All Fraser Valley Areas Combined

• Detached – SALES DOWN FROM LAST MONTH: -5.6%
• Townhouse – SALES DOWN FROM LAST MONTH: -6.6%
• Condo/Apt – SALES UP FROM LAST MONTH: 12.5%

Abbotsford

• Detached – SALES DOWN FROM LAST MONTH: -18.6%
• Townhouse – SALES DOWN FROM LAST MONTH: -10.5%
• Condo/Apt – SALES UP FROM LAST MONTH: 1.5%

Mission

• Detached – SALES UP FROM LAST MONTH: 7.2%
• Townhouse – SALES UP FROM LAST MONTH: 33.3%
• Condo/Apt – SALES UP FROM LAST MONTH: 150.0%

White Rock / South Surrey

• Detached – SALES DOWN FROM LAST MONTH: -4.6%
• Townhouse – SALES DOWN FROM LAST MONTH: -9.3%
• Condo/Apt – SALES DOWN FROM LAST MONTH: -2.3%

Langley

• Detached – SALES DOWN FROM LAST MONTH: -9.9%
• Townhouse – SALES DOWN FROM LAST MONTH: -17.8%
• Condo/Apt – SALES UP FROM LAST MONTH: 12.6%

Delta – North

• Detached – SALES DOWN FROM LAST MONTH: -5.0%
• Townhouse – SALES UP FROM LAST MONTH: 88.9%
• Condo/Apt – SALES UP FROM LAST MONTH: 11.8%

Surrey – Central

• Detached – SALES DOWN FROM LAST MONTH: -0.9%
• Townhouse – SALES DOWN FROM LAST MONTH: -1.9%
• Condo/Apt – SALES UP FROM LAST MONTH: 16.4%

Surrey – Cloverdale

• Detached – SALES DOWN FROM LAST MONTH: -7.1%
• Townhouse – SALES UP FROM LAST MONTH: 2.4%
• Condo/Apt – SALES UP FROM LAST MONTH: 22.2%

Surrey – North

• Detached – SALES UP FROM LAST MONTH: 8.6%
• Townhouse – SALES DOWN FROM LAST MONTH: -11.1%
• Condo/Apt – SALES UP FROM LAST MONTH: 27.1%

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

Near record-breaking new listings in the Fraser Valley not enough to match insatiable buyer demand

SURREY, BC – Fraser Valley’s extraordinary pandemic real estate market continued to break sales records – for the
ninth consecutive month – while at the same time, reaching near‐historic levels of new listings in May.
In May, the Fraser Valley Real Estate Board (FVREB) processed 2,951 sales on its Multiple Listing Service® (MLS®),
an increase of 267 per cent compared to May 2020 and a 2 per cent decrease compared to April. (Note that last
year, the market was significantly restricted due to the lockdown.) The previous record high for sales in May for
the Fraser Valley region was 2,911 in 2016.
Larry Anderson, President of the Board, said, “Demand hasn’t changed. What’s changed is supply. In the last three
months, buyers have 40 per cent more inventory to look at in the Fraser Valley and it’s allowed them to take back
a little control.
“We’re seeing resistance to multiple offers and buyers adjusting their offers, or even waiting, because they have
more selection. We’re a long way from a balanced market, but supply is helping us to head in the right direction.”
In May, the Board received the second‐highest volume of new listings ever; approaching May 2018 levels. The
Board received 3,926 new listings in May, an increase of 78 per cent compared to last year, and a decrease of 22
per cent compared to April 2021. The month ended with total active inventory sitting at 5,868, a 3 per cent
decrease compared to April, and 9 per cent less than May of last year.
Baldev Gill, Chief Executive Officer of the Board, added, “In the context of BC’s Restart Plan, it’s important to
remind consumers that for now, when it comes to working with a real estate professional or booking a private
showing, it’s status quo. Currently, there is no easing of pandemic restrictions in the real estate sector and our
Board does not anticipate new guidelines for several weeks. Your REALTOR® will continue to guide you safely
through the buying and selling process, following all public safety protocols, for as long as necessary.”
Across Fraser Valley, in May, the average number of days to sell a single‐family detached home was 14 and a
townhome was 12 days. Apartments took, on average, 20 days to sell.

MLS® HPI Benchmark Price Activity

• Single Family Detached: At $1,323,300, the Benchmark price for an FVREB single‐family detached home increased 2.3 per cent compared to April 2021 and increased 33.6 per cent compared to May 2020..
• Townhomes: At $670,000, the Benchmark price for an FVREB townhome increased 2.7 per cent compared to April 2021 and increased 20.7 per cent compared to May 2020.
• Apartments: At $488,500, the Benchmark price for an FVREB apartment/condo increased 2.0 per cent compared to April 2021 and increased 12.6 per cent compared to May 2020.

Find the May 2021 Statistics Package here.

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