{"id":17337,"date":"2021-02-03T10:10:00","date_gmt":"2021-02-03T18:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=17337"},"modified":"2021-02-02T09:42:13","modified_gmt":"2021-02-02T17:42:13","slug":"another-record-setter-for-fvreb-home-sales","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2021\/02\/another-record-setter-for-fvreb-home-sales\/","title":{"rendered":"Another Record-Setter for FVREB Home Sales"},"content":{"rendered":"<p style=\"text-align: justify;\">SURREY, BC \u2013 In a month that is usually one of the quietest in real estate, Fraser Valley\u2019s market continued at a breakneck pace, producing the strongest January sales on record as well as a modest uptick in new listings.<\/p>\n<p style=\"text-align: justify;\">The Fraser Valley Real Estate Board processed a total of 1,718 sales of all property types on its Multiple Listing Service\u00ae (MLS\u00ae) in January 2021, an increase of 76% compared to January 2020 and 18% fewer then were processed in December 2020. Sales in January set a new, record high for the month; 72% above the 10-year average, and 28% higher than the previous record of 1,338 sales set in January 2016.<\/p>\n<p style=\"text-align: justify;\">\u201cBuyers are very motivated right now,\u201d said Chris Shields, President of the Board, \u201cLending rates are the lowest they\u2019ve ever been, your housing dollar goes further in the Fraser Valley and we\u2019ve seen a societal shift in the last year in how people value their homes. People are asking us to find them more space.<\/p>\n<p style=\"text-align: justify;\">\u201cI am working with a young couple who want and are able to move up \u2013 from a condo to a townhome \u2013 due to interest rates and the equity they\u2019ve gained over the last couple of years. The challenge is supply. It improved slightly in January, but we\u2019ve got a long way to go to replenish our housing stock. It remains a seller\u2019s market.\u201d<\/p>\n<p style=\"text-align: justify;\">The Board received 2,784 new listings in January 2021, an increase of 26% compared to January of last year. Total active inventory for the month was 4,210, down 18% from last year\u2019s 5,143 active listings, and still 30% below the 10-year average.<\/p>\n<p style=\"text-align: justify;\">Baldev Gill, Chief Executive Officer of the Board, added, \u201cHomeowners may be reluctant to sell because of concerns about buying and selling safety protocols; or the challenge of finding a new home to buy. The industry has worked hard to make it as easy as possible for you to thoroughly evaluate homes online first and then, for serious, final consideration, strict regulations are in place for in-person viewing.<\/p>\n<p style=\"text-align: justify;\">\u201cAnd note, we\u2019re already seeing an improvement in supply levels compared to December, a trend we anticipate that will continue as spring approaches bringing what is typically one of the busiest markets of the year.\u201d<\/p>\n<p style=\"text-align: justify;\">In January 2021, the average number of days to sell a single-family detached home in the Fraser Valley was 35, compared to 60 days in January 2020; 28 days on average to sell a townhome and 37 days for apartments, compared to 47 and 49 days respectively, in January of last year.<\/p>\n<p style=\"text-align: justify;\">MLS\u00ae HPI Benchmark Price Activity<\/p>\n<p style=\"text-align: justify;\">\u2022 Single Family Detached : At $1,106,500, the Benchmark price for an FVREB single-family detached home increased 2.5% compared to December 2020 and increased 15.2% compared to January 2020.<br \/>\n\u2022 Townhomes : At $580,800, the Benchmark price for an FVREB townhome increased 0.8% compared to December 2020 and increased 7.2% compared to January 2020.<br \/>\n\u2022 Apartments : At $439,800, the Benchmark price for an FVREB apartment\/condo increased 0.3% compared to December 2020 and increased 4.4% compared to January 2020.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.fvreb.bc.ca\/statistics\/fraser-valley-real-estate-market-full-steam-ahead-in-january-another-record-setter-for-property-sales\/\" target=\"_blank\" rel=\"noopener noreferrer\">Click here<\/a> to view the January 2021 Statistics Package.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.fvreb.bc.ca\/statistics\/fraser-valley-real-estate-market-full-steam-ahead-in-january-another-record-setter-for-property-sales\/\" target=\"_blank\" rel=\"noopener noreferrer\">Fraser Valley Real Estate Market Full Steam Ahead in January; Another Record-Setter for Property Sales<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SURREY, BC \u2013 In a month that is usually one of the quietest in real estate, Fraser Valley\u2019s market continued at a breakneck pace, producing the strongest January sales on &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2021\/02\/another-record-setter-for-fvreb-home-sales\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-17337","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Another Record-Setter for FVREB Home Sales &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2021\/02\/another-record-setter-for-fvreb-home-sales\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Another Record-Setter for FVREB Home Sales &#8226; 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