The Fraser Valley Real Estate Board (FVREB) says they’ve had another recording-breaking month, adding to an already milestone year.
FVREB’s listings for December had a “staggering” 2,086 sales, the strongest they’ve ever had for the month, and 81.2 per cent above the average, according to a Jan. 5 news release. They also received the second highest number of new listings with 1,502, and their active inventory finished below average at 3,949 units by the month’s end.
“No one could have anticipated a six-month stretch like we’ve just experienced,” said Chris Shields, president of the board. “Typical seasonal cycles did not apply, how we conduct business had to change to keep the public safe; and most unexpected, has been the unwavering demand for family-sized homes in our region and so far, there is no sign of it slowing down.”
For the year, the board saw the sale of 8,176 single-family detached homes, 5,102 townhouses and 4,357 apartments. From 2019, this is an increase of 41.7 per cent, 31.2 per cent and 5.9 per cent, respectively; a total of 12.4 per cent above the 10-year average.
There were 31,693 new listings received, an increase of 3.7 per cent compared to 2019, and the fourth-highest volume of new inventory in the last decade.
“Although listing volumes appear healthy, our region’s current overall inventory is 28 per cent below normal,” said Baldev Gill, CEO of the board. “For those who have been thinking of selling but have held off due to the pandemic, the industry has mastered how to keep consumers safe using technology and strictly following provincial health guidelines.”
- Single Family Detached: At $1,079,500, the Benchmark price for an FVREB single-family detached home increased 1.7 per cent compared to November 2020 and increased 13.3 per cent compared to December 2019.
- Townhomes: At $576,200, the Benchmark price for an FVREB townhome increased 1.1 per cent compared to November 2020 and increased 6.9 per cent compared to December 2019.
- Apartments: At $438,300, the Benchmark price for an FVREB apartment/condo increased 0.6 per cent compared to November 2020 and increased 4.7 per cent compared to December 2019.