Fraser Valley Real Estate Market September 2021

Fraser Valley Real Estate Market September 2021

Positive start to fall market; new listings increase, sales soften.

SEPTEMBER 2021 MARKET REPORT

Fraser Valley Real Estate Report

I scream, you scream, we all scream for… listings? We hoped that with school back in session and summer holidays over we would see a dramatic increase in homes listed for sale.  While we did see an 11.2% increase in new listings from August 2021, the total number of active listings was still near historic lows, down 48.3% from September 2020.  This lack of inventory and interest rates remaining low has had substantial effects on prices across the board, but most specifically for single family homes.


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GO TO LAST MONTHS STATS



All Fraser Valley Areas Combined

  • Detached – SALES DOWN FROM LAST MONTH: -11.8%
  • Townhouse – SALES DOWN FROM LAST MONTH: -13.1%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -6.5%

Abbotsford

  • Detached – SALES DOWN FROM LAST MONTH: -11.6%
  • Townhouse – SALES DOWN FROM LAST MONTH: -21.4%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -2.2%

Mission

  • Detached – SALES DOWN FROM LAST MONTH: -3.3%
  • Townhouse – SALES DOWN FROM LAST MONTH: -25.0%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -66.7%

White Rock / South Surrey

  • Detached – SALES UP FROM LAST MONTH: 0.8%
  • Townhouse – SALES DOWN FROM LAST MONTH: -9.7%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -5.1%

Langley

  • Detached – SALES DOWN FROM LAST MONTH: -25.6%
  • Townhouse – SALES DOWN FROM LAST MONTH: -16.7%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -24.8%

Delta – North

  • Detached – SALES DOWN FROM LAST MONTH: -46.7%
  • Townhouse – SALES UP FROM LAST MONTH: 150.0%
  • Condo/Apt – SALES UP FROM LAST MONTH: 11.8%

Surrey – Central

  • Detached – SALES DOWN FROM LAST MONTH: -0.6%
  • Townhouse – SALES DOWN FROM LAST MONTH: -10.5%
  • Condo/Apt – SALES UP FROM LAST MONTH: 22.2%

Surrey – Cloverdale

  • Detached – SALES DOWN FROM LAST MONTH: -30.4%
  • Townhouse – SALES DOWN FROM LAST MONTH: -23.8%
  • Condo/Apt – SALES UP FROM LAST MONTH: 25.9%

Surrey – North

  • Detached – SALES FROM LAST MONTH: 0.0%
  • Townhouse – SALES DOWN FROM LAST MONTH: -7.9%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -3.0%

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

Positive start to fall market; new listings increase, sales soften

SURREY, BC – Demand for Fraser Valley real estate remained robust in September. While overall sales decreased
compared to August, total sales reached the second‐highest levels for the month of September in the 100‐year
history of the Board.
The Board processed a total of 1,866 property sales on its Multiple Listing Service® (MLS®) in September, a decrease
of 10.6 per cent compared to August and a 16.4 per cent decrease compared to the same month last year.
Larry Anderson, President of the Board, said, “While we’ve seen a solid increase in new listings compared to
August, market conditions continue to be challenging for buyers. Considering the demand across the region, the
increase is simply not enough to bolster the inventory required to create greater balance in the market.
“Demand for residential homes of all types is strong in the Fraser Valley with more sellers returning to the table in
September, which is expected at this time of year.”
In September, the Board received 2,342 new listings, a decrease of 33.4 per cent compared to last year, and an
increase of 11.2 per cent compared to August 2021. The month ended with a total active inventory of 3,812, which
is a 6.5 per cent decrease compared to August, and a 48.3 percent decrease compared to September 2020.
Baldev Gill, Chief Executive Officer of the Board, added, “The pandemic continues to have an impact on current
conditions and while the market remains steady, we are sensitive to ongoing health and safety concerns. Our
members follow stringent protocols as mandated by the Public Health Officer, and we will continue to lead by
example for the benefit of our members and their clients.”
Across Fraser Valley, in September, the average number of days to sell a single‐family detached home was 26 and a
townhome was 19 days. Apartments took, on average, 26 days to sell.

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MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,362,220, the Benchmark price for an FVREB single-family detached home increased 1.9 per cent compared to August 2021 and increased 31.9 per cent compared to September 2020.
  • Townhomes: At $707,300, the Benchmark price for an FVREB townhome increased 1.4 per cent compared to August 2021 and increased 24.7 per cent compared to September 2020.
  • Apartments: At $504,500, the Benchmark price for an FVREB apartment/condo increased 1.2 per cent compared to August 2021 and increased 15.5 per cent compared to September 2020.

Find the June 2021 Statistics Package here.


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