FVREB posts record volume of new listings in February!
Buyers of Fraser Valley real estate had significantly more inventory to choose from last month due to a record-breaking volume of new listings received for the month of February.
The Fraser Valley Real Estate Board (FVREB) received 3,742 new listings in February, an increase of 75.3 per cent compared to January.
Larry Anderson said, “Although the market is still far from balanced, it is encouraging to see new listings increase again for the second month in a row. “We’re hopeful that this trend will be sustained leading into the spring season as more sellers come on stream to help soften the market and provide opportunities for the many buyers who’ve been sidelined over the past year and a half.”
The FVREB processed a total of 1,824 sales of all property types on MLS in February 2022 which was 39.2% higher compared to January 2022. Sales remain strong at 18% above the 10-year average.
By month end, February’s total active listings available for purchase were 3,790, a decrease of 8.0% compared to the same month last year, however 62.5% higher than what was available at the end of January – The highest month-over-month increase in active listings in 20 years!
Baldev Gill, Chief Executive Officer of the Board said “Supply fundamentals continue to be the number one issue facing real estate markets in all regions across the province. Until there is a concerted effort to address inventory, buyers will continue to face challenging market conditions”.
In February 2022, the average number of days to sell a single family detached home was 13 days, apartments were 12 days, and 11 days for townhomes.
MLS® HPI Benchmark Price Activity
- Single Family Detached: At $1,670,800, the Benchmark price for an FVREB single-family detached home increased 6.5 per cent compared to last month and increased 43.6 per cent compared to February 2021.
- Townhomes: At $840,900, the Benchmark price for an FVREB townhome increased 5.6 per cent compared to last month and increased 40.1 per cent compared to February 2021.
- Apartments: At $614,800 the Benchmark price for an FVREB apartment/condo increased 7.1 per cent compared to last month and increased 36.3 per cent compared to February 2021.
Resource: The Fraser Valley Real Estate Board