New listings began to surge in January!
Coming from the busiest year in history for Fraser Valley real estate into January, the market begins to rebalance! Overall property sales — still the third highest ever for January — cooled compared to December while the volume of new listings improved significantly.
The FVREB processed a total of 1,310 sales of all property types on its Multiple Listing Service®(MLS®) in January 2022, a decrease of 23.7 per cent compared to January 2021, and 27.5 per cent lower compared to December 2021.
Larry Anderson, President of the Board, said, “In January, REALTORS® 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. If this trend continues into spring, we could see an easing of the supply-demand dynamic in our region”.
The Board received 2,135 new listings in January. Total active listings for the month were 2,332, down 44.6 per cent compared to January 2021, however an increase of 19.2 per cent compared to December 2021.
Baldev Gill, Chief Executive Officer of the Board, said, “For almost two years, Fraser Valley REALTORS® have worked hard to help their clients navigate safely during the longest, most intense seller’s market in our Board’s history. This protracted pandemic market has resulted in considerable upward pressure on home prices. “We anticipate the seasonal influx of new inventory, such as we’re already seeing, could provide a welcome, albeit far from fully adequate, easing of price growth moving into 2022.”
In January 2022, the average number of days to sell a single-family detached home in the Fraser Valley was 25, 12 days on average to sell a townhome, and 17 days for apartments.
MLS® HPI Benchmark Price Activity
- Single Family Detached: At $1,569,300, the Benchmark price for an FVREB single-family detached home increased 4.6 per cent compared to December 2021 and increased 41.8 per cent compared to January 2021.
- Townhomes: At $796,500, the Benchmark price for an FVREB townhome increased 4.0 per cent compared to December 2021 and increased 37.2 per cent compared to January 2021.
- Apartments: At $574,300, the Benchmark price for an FVREB apartment/condo increased 4.6 per cent compared to December 2021 and increased 30.6 per cent compared to January 2021.
