Mirroring The Weather, Fraser Valley’s Hot Housing Market Cooled Slightly in June Going from a Boil to a Simmer

Mirroring The Weather, Fraser Valley’s Hot Housing Market Cooled Slightly in June Going from a Boil to a Simmer
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.

SURREY, British Columbia, July 05, 2021 (GLOBE NEWSWIRE) — 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.

The Fraser Valley Real Estate Board is an association of 4,014 real estate professionals who live and work in the BC communities of Abbotsford, Langley, Mission, North Delta, Surrey, and White Rock. The FVREB will mark its 100-year anniversary in October 2021.

 

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