Active inventory by the end of September, 2021, is almost half of September last year. THE CANADIAN PRESS/Sean Kilpatrick

Active inventory by the end of September, 2021, is almost half of September last year. THE CANADIAN PRESS/Sean Kilpatrick

High sales, supply shortage continues for September, Fraser Valley Real Estate Board reports

2nd highest sales numbers ever for month, but inventory almost halved from last year

It was the second most successful September-sales month in Fraser Valley Real Estate Board (FVREB) history, but supply remains low for homebuyers.

“While we’ve seen a solid increase in new listings compared to August, market conditions continue to be challenging for buyers,” said Larry Anderson, board president.

“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.”

A total of 1,866 property sales were processed, a 10.6 per cent decrease from August and a 16.4 per cent decrease from September, 2020, according to an Oct. 5 press release from the board.

A total of 2,342 new listings were received for the month. While this is an increase from 11.2 per cent from August – when the board was reporting the worst supply shortage in 40 years – it’s still a 33 per cent decrease from September, 2020.

By the end of the month the total active inventory sat at 3,812, a 6.5 decrease from August and a 48.3 per cent decrease from last year.

It took an average of 26 days to sell a single-family detached home in September, 19 days to sell a townhome and 26 days to sell an apartment.

Benchmarks:

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


@portmoodypigeon
patrick.penner@missioncityrecord.com

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