{"id":19354,"date":"2022-02-04T11:11:02","date_gmt":"2022-02-04T19:11:02","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=19354"},"modified":"2022-02-02T12:09:55","modified_gmt":"2022-02-02T20:09:55","slug":"fvreb-housing-activity-rebalancing-as-new-listings-surge","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/02\/fvreb-housing-activity-rebalancing-as-new-listings-surge\/","title":{"rendered":"FVREB Housing Activity Rebalancing as New Listings Surge"},"content":{"rendered":"<p style=\"text-align: justify;\">SURREY, BC \u2013 On the heels of the busiest year in history for Fraser Valley real estate, January activity saw the beginnings of a market rebalancing. Overall property sales \u2013 still the third highest ever for January \u2013 cooled compared to December while the volume of new listings improved significantly.<\/p>\n<p style=\"text-align: justify;\">The Fraser Valley Real Estate Board processed a total of 1,310 sales of all property types on its Multiple Listing Service\u00ae (MLS\u00ae) in January 2022, a decrease of 23.7% compared to January 2021, and 27.5% lower compared to December 2021.<\/p>\n<p style=\"text-align: justify;\">The Board received 2,135 new listings in January, an increase of 67.1% compared to December 2021, and a decrease of 23.3% compared to January of last year. Total active listings for the month were 2,332, down 44.6% compared to January 2021, however an increase of 19.2% compared to December 2021.<\/p>\n<p style=\"text-align: justify;\">Larry Anderson, President of the Board, said, \u201cIn January, REALTORS\u00ae saw the return of home sellers. Yes, sales in our region remain elevated, but a positive, early trend for 2022 is we experienced a significant increase in requests from sellers to list.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s early days yet, but if this trend continues into spring, we could see an easing of the supply-demand dynamic in our region. We have a long way to go to replenish our housing stock and bring much-needed balance to the market, but this is a step in the right direction.\u201d<\/p>\n<p style=\"text-align: justify;\">Baldev Gill, Chief Executive Officer of the Board, said, \u201cFor almost two years, Fraser Valley REALTORS\u00ae have worked hard to help their clients navigate safely during the longest, most intense seller\u2019s market in our Board\u2019s history. This protracted pandemic market has resulted in considerable upward pressure on home prices.<\/p>\n<p style=\"text-align: justify;\">\u201cWe anticipate the seasonal influx of new inventory, such as we\u2019re already seeing, could provide a welcome, albeit far from fully adequate, easing of price growth moving into 2022.\u201d<\/p>\n<p style=\"text-align: justify;\">In January 2022, the average number of days to sell a single-family detached home in the Fraser Valley was 25, compared to 35 days in January 2021; 12 days on average to sell a townhome and 17 days for apartments, compared to 28 and 37 days respectively, in January of last year.<\/p>\n<p style=\"text-align: justify;\"><strong>MLS\u00ae HPI Benchmark Price Activity<\/strong><\/p>\n<p style=\"text-align: justify;\">Single Family Detached : At $1,569,300, the Benchmark price for an FVREB single\u2010family detached home increased 4.6% compared to December 2021 and increased 41.8% compared to January 2021.<br \/>\nTownhomes : At $796,500, the Benchmark price for an FVREB townhome increased 4.0% compared to December 2021 and increased 37.2% compared to January 2021.<br \/>\nApartments : At $574,300, the Benchmark price for an FVREB apartment\/condo increased 4.6% compared to December 2021 and increased 30.6% compared to January 2021.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/fvreb.bc.ca\/statistics\/Package202201.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to view the January 2022 stats package.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.fvreb.bc.ca\/statistics\/glimmer-of-hope-for-fraser-valley-home-buyers-as-new-listings-surge-in-january\/\" target=\"_blank\" rel=\"noopener\">Glimmer of Hope for Fraser Valley Home Buyers as New Listings Surge in January<\/a> by FVREB<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SURREY, BC \u2013 On the heels of the busiest year in history for Fraser Valley real estate, January activity saw the beginnings of a market rebalancing. Overall property sales \u2013 &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2022\/02\/fvreb-housing-activity-rebalancing-as-new-listings-surge\/\">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":[8,13],"tags":[],"class_list":["post-19354","post","type-post","status-publish","format-standard","hentry","category-market-updates","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FVREB Housing Activity Rebalancing as New Listings Surge &#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\/2022\/02\/fvreb-housing-activity-rebalancing-as-new-listings-surge\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"FVREB Housing Activity Rebalancing as New Listings Surge &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"SURREY, BC \u2013 On the heels of the busiest year in history for Fraser Valley real estate, January activity saw the beginnings of a market rebalancing. 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