{"id":18020,"date":"2021-06-03T10:10:00","date_gmt":"2021-06-03T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=18020"},"modified":"2021-06-02T11:57:06","modified_gmt":"2021-06-02T18:57:06","slug":"fvreb-record-breaking-new-listings-record-high-home-sales","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2021\/06\/fvreb-record-breaking-new-listings-record-high-home-sales\/","title":{"rendered":"FVREB Record-Breaking New Listings &#038; Record-High Home Sales"},"content":{"rendered":"<p style=\"text-align: justify;\">SURREY, BC \u2013 Fraser Valley\u2019s extraordinary pandemic real estate market continued to break sales records \u2013 for the ninth consecutive month \u2013 while at the same time, reaching near-historic levels of new listings in May.<\/p>\n<p style=\"text-align: justify;\">In May, the Fraser Valley Real Estate Board (FVREB) processed 2,951 sales on its Multiple Listing Service\u00ae (MLS\u00ae), an increase of 267% compared to May 2020 and a 2% decrease compared to April. (Note that last year, the market was significantly restricted due to the lockdown.) The previous record high for sales in May for the Fraser Valley region was 2,911 in 2016.<\/p>\n<p style=\"text-align: justify;\">Larry Anderson, President of the Board, said, \u201cDemand hasn\u2019t changed. What\u2019s changed is supply. In the last three months, buyers have 40% more inventory to look at in the Fraser Valley and it\u2019s allowed them to take back a little control.<\/p>\n<p style=\"text-align: justify;\">\u201cWe\u2019re seeing resistance to multiple offers and buyers adjusting their offers, or even waiting, because they have more selection. We\u2019re a long way from a balanced market, but supply is helping us to head in the right direction.\u201d<\/p>\n<p style=\"text-align: justify;\">In May, the Board received the second-highest volume of new listings ever; approaching May 2018 levels. The Board received 3,926 new listings in May, an increase of 78% compared to last year, and a decrease of 2% compared to April 2021. The month ended with total active inventory sitting at 5,868, a 3% decrease compared to April, and 9% less than May of last year.<\/p>\n<p style=\"text-align: justify;\">Baldev Gill, Chief Executive Officer of the Board, added, \u201cIn the context of BC\u2019s Restart Plan, it\u2019s important to remind consumers that for now, when it comes to working with a real estate professional or booking a private showing, it\u2019s status quo. Currently, there is no easing of pandemic restrictions in the real estate sector and our Board does not anticipate new guidelines for several weeks. Your REALTOR\u00ae will continue to guide you safely through the buying and selling process, following all public safety protocols, for as long as necessary.\u201d<\/p>\n<p style=\"text-align: justify;\">Across Fraser Valley, in May, the average number of days to sell a single-family detached home was 14 and a townhome was 12 days. Apartments took, on average, 20 days to sell.<\/p>\n<p style=\"text-align: justify;\"><strong>MLS\u00ae HPI Benchmark Price Activity<\/strong><\/p>\n<p style=\"text-align: justify;\">\u2022 Single Family Detached : At $1,323,300, the Benchmark price for an FVREB single-family detached home increased 2.3% compared to April 2021 and increased 33.6% compared to May 2020.<br \/>\n\u2022 Townhomes : At $670,000, the Benchmark price for an FVREB townhome increased 2.7% compared to April 2021 and increased 20.7% compared to May 2020.<br \/>\n\u2022 Apartments : At $488,500, the Benchmark price for an FVREB apartment\/condo increased 2.0% compared to April 2021 and increased 12.6% compared to May 2020.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/fvreb.bc.ca\/statistics\/Package202105.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to view the May 2021 Statistics Package.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.fvreb.bc.ca\/statistics\/near-record-breaking-new-listings-in-the-fraser-valley-not-enough-to-match-insatiable-buyer-demand\/\" target=\"_blank\" rel=\"noopener\">Near Record-Breaking New Listings in The Fraser Valley Not Enough to Match Insatiable Buyer Demand<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SURREY, BC \u2013 Fraser Valley\u2019s extraordinary pandemic real estate market continued to break sales records \u2013 for the ninth consecutive month \u2013 while at the same time, reaching near-historic levels &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2021\/06\/fvreb-record-breaking-new-listings-record-high-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-18020","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FVREB Record-Breaking New Listings &amp; Record-High 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\/06\/fvreb-record-breaking-new-listings-record-high-home-sales\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"FVREB Record-Breaking New Listings &amp; 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