Fraser Valley Real Estate Market November 2021

Fraser Valley Real Estate Market November 2021

Fraser Valley home sales continued to soar in November further depleting supply

NOVEMBER 2021 MARKET REPORT

Fraser Valley Real Estate Report

All I want for Christmas is my two front teeth… and more listings to choose from!  The gap between supply and demand for Fraser Valley real estate keeps widening.  We saw a 1.8% month over month increase in sales from October to November, but a 4.2% reduction in the amount of listings during the same period.  As we approach the holiday season it is typical for listings to slow down, but it is not the norm to see an increase in sales at the same time.  It goes to show that the inventory shortage for homes is not going away anytime fast.  Because of this, we continue to educate our buyers to get all of their ducks in a row and prepare them to be competitive for when we do find the right home for them.  Are you curious about the keys to success in this type of market?  Let’s go for a coffee or beer and discuss.


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: 2.0%
  • Townhouse – SALES DOWN FROM LAST MONTH: -13.7%
  • Condo/Apt – SALES UP FROM LAST MONTH: 10.4%

Abbotsford

  • Detached – SALES DOWN FROM LAST MONTH: -1.7%
  • Townhouse – SALES UP FROM LAST MONTH: 1.6%
  • Condo/Apt – SALES UP FROM LAST MONTH: 2.9%

Mission

  • Detached – SALES DOWN FROM LAST MONTH: -15.3%
  • Townhouse – SALES DOWN FROM LAST MONTH: -68.8%
  • Condo/Apt – SALES UP FROM LAST MONTH: 16.7%

White Rock / South Surrey

  • Detached – SALES UP FROM LAST MONTH: 7.1%
  • Townhouse – SALES DOWN FROM LAST MONTH: -5.3%
  • Condo/Apt – SALES UP FROM LAST MONTH: 5.8%

Langley

  • Detached – SALES UP FROM LAST MONTH: 20.2%
  • Townhouse – SALES DOWN FROM LAST MONTH: -15.3%
  • Condo/Apt – SALES UP FROM LAST MONTH: 7.0%

Delta – North

  • Detached – SALES UP FROM LAST MONTH: 22.0%
  • Townhouse – SALES DOWN FROM LAST MONTH: -50.0%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -27.8%

Surrey – Central

  • Detached – SALES DOWN FROM LAST MONTH: -10.3%
  • Townhouse – SALES DOWN FROM LAST MONTH: -21.8%
  • Condo/Apt – SALES UP FROM LAST MONTH: 40.0%

Surrey – Cloverdale

  • Detached – SALES DOWN FROM LAST MONTH: -6.8%
  • Townhouse – SALES DOWN FROM LAST MONTH: -8.3%
  • Condo/Apt – SALES UP FROM LAST MONTH: 41.7%

Surrey – North

  • Detached – SALES UP FROM LAST MONTH: 9.1%
  • Townhouse – SALES UP FROM LAST MONTH: 2.6%
  • Condo/Apt – SALES UP FROM LAST MONTH: 14.7%

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

Fraser Valley home sales continued to soar in November further depleting supply

SURREY, BC – Robust demand for Fraser Valley real estate continued in November, with the Fraser Valley Real Estate Board
(FVREB) recording the region’s second-highest volume of sales of all property types for the month – second only to November
2020.
In November, the FVREB processed 1,972 sales of all property types on its Multiple Listing Service® (MLS®), a decrease of 9.2
per cent compared to the 2,173 sales in November of last year, and a 1.8 per cent increase month-over-month compared to the
1,938 sales in October.
The Board received 2,096 new listings in November, a 4.2 per cent decrease compared to October’s intake and a decrease of
5.5 per cent compared to the 2,217 new listings received during the same month last year. The 10-year average for November
new listings is 1,948, so last month finished slightly above normal levels.
Larry Anderson, President of the Board, said, “Lack of supply continues to be the biggest factor impacting the market. To see
sales increase from October to November, even slightly, is unusual. Typically, as the weather changes and the holiday season
approaches, we see sales start to decline, but not this year.
“This is not an easy market. Buyers and sellers alike are relying on the experience and skill of their REALTOR® to help them
navigate a lack of supply, multiple offer situations, and very fast turnaround times.”
November finished with 3,048 active listings, a decrease of 11.6 per cent compared to October and a decrease of 47.9 per cent
year-over-year, and an 11.6 per cent decrease compared to last month. In a typical November market, inventory levels in the
Fraser Valley would be more than double.
Baldev Gill, Chief Executive Officer of the Board said, “We’re seeing a number of factors at play, including historically low
interest rates fueling purchases, with buyers aware that rates are likely to increase next year.
“Our province has seen a strong economic recovery in most sectors through this pandemic, and this strength bolsters home
purchasing decisions.”
For the Fraser Valley region, the average number of days to sell an apartment in November was 24 days, and 16 days for
townhomes. Single family detached homes remained on market for an average of 24 days before selling.

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MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,448,000, the Benchmark price for an FVREB single-family detached home increased 3.7 per cent compared to October 2021 and increased 36.4 per cent compared to November 2020.
  • Townhomes: At $740,100, the Benchmark price for an FVREB townhome increased 2.7 per cent compared to October 2021 and increased 29.8 per cent compared to November 2020.
  • Apartments: At $530,400, the Benchmark price for an FVREB apartment/condo increased 3.2 per cent compared to October 2021 and increased 21.7 per cent compared to November 2020.

Find the November 2021 Statistics Package here.


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