{"id":18172,"date":"2021-07-05T10:10:00","date_gmt":"2021-07-05T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=18172"},"modified":"2021-07-05T09:40:15","modified_gmt":"2021-07-05T16:40:15","slug":"fvreb-hot-housing-market-cooled-slightly","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2021\/07\/fvreb-hot-housing-market-cooled-slightly\/","title":{"rendered":"FVREB Hot Housing Market Cooled Slightly"},"content":{"rendered":"<p style=\"text-align: justify;\">SURREY, BC \u2013 Sales on the Fraser Valley Real Estate Board\u2019s Multiple Listing Service\u00ae (MLS\u00ae) remained robust in June however, for the first time since last September, monthly sales did not break a historical record.<\/p>\n<p style=\"text-align: justify;\">In June, the Board processed 2,247 sales on its MLS\u00ae, a decrease of 24% compared to May and a 31% increase compared to June of last year. Sales continued to remain elevated compared to a typical June \u2013 22% above the ten-year average.<\/p>\n<p style=\"text-align: justify;\">Larry Anderson, President of the Board, said, \u201cIn June, we shifted from an extreme seller\u2019s market to a strong seller\u2019s market. Although demand for Fraser Valley homes remains very high \u2013 over 40% of active listings sold in June \u2013 we\u2019re seeing the market settle down giving buyers and sellers more room to maneuver.<\/p>\n<p style=\"text-align: justify;\">\u201cWe\u2019re now seeing more subject offers and for the first time in months, we\u2019re starting to see price reductions.\u201d<\/p>\n<p style=\"text-align: justify;\">In June, the Board received 3,108 new listings, a decrease of 10% compared to last year, and a decrease of 21% compared to May 2021. The month ended with total active inventory sitting at 5,474, a 7% decrease compared to May, and 22.5% fewer than June 2020.<\/p>\n<p style=\"text-align: justify;\">Anderson continued, \u201cA 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.\u201d<\/p>\n<p style=\"text-align: justify;\">Baldev Gill, Chief Executive Officer of the Board, added, \u201cEffective July 1, as part of Stage 3 of BC\u2019s Restart Plan, REALTORS\u00ae are again allowed to hold in-person showings and open houses while continuing to adhere to public safety recommendations.<\/p>\n<p style=\"text-align: justify;\">\u201cFor more than a year, our industry has put tremendous effort into keeping the public safe and we will remain vigilant. We\u2019d like to express our sincere appreciation to the public for your continued support and cooperation.\u201d<\/p>\n<p style=\"text-align: justify;\">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.<\/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 $1,324,400, the Benchmark price for an FVREB single-family detached home increased 0.1% compared to May 2021 and increased 33.2% compared to June 2020.<br \/>\n\u2022 Townhomes : At $678,400, the Benchmark price for an FVREB townhome increased 1.3% compared to May 2021 and increased 21.2% compared to June 2020.<br \/>\n\u2022 Apartments : At $493,500, the Benchmark price for an FVREB apartment\/condo increased 1.0% compared to May 2021 and increased 13.4% compared to June 2020.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/fvreb.bc.ca\/statistics\/Package202106.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to view the June 2021 statistics package.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.fvreb.bc.ca\/statistics\/mirroring-the-weather-fraser-valleys-hot-housing-market-cooled-slightly-in-june-going-from-a-boil-to-a-simmer\/\" target=\"_blank\" rel=\"noopener\">Mirroring The Weather, Fraser Valley&#8217;s Hot Housing Market Cooled Slightly in June Going from A Boil to A Simmer<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SURREY, BC \u2013 Sales on the Fraser Valley Real Estate Board\u2019s Multiple Listing Service\u00ae (MLS\u00ae) remained robust in June however, for the first time since last September, monthly sales did &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2021\/07\/fvreb-hot-housing-market-cooled-slightly\/\">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-18172","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 Hot Housing Market Cooled Slightly &#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\/07\/fvreb-hot-housing-market-cooled-slightly\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"FVREB Hot Housing Market Cooled Slightly &#8226; 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