Positive start to fall market; new listings increase, sales soften

SURREY, British Columbia, Oct. 04, 2021 (GLOBE NEWSWIRE) -- Demand for Fraser Valley real estate remained robust in September. While overall sales decreased compared to August, total sales reached the second-highest levels for the month of September in the 100-year history of the Board.

The Board processed a total of 1,866 property sales on its Multiple Listing Service® (MLS®) in September, a decrease of 10.6 per cent compared to August and a 16.4 per cent decrease compared to the same month last year.

Larry Anderson, President of the Board, said, “While we’ve seen a solid increase in new listings compared to August, market conditions continue to be challenging for buyers. Considering the demand across the region, the increase is simply not enough to bolster the inventory required to create greater balance in the market.

“Demand for residential homes of all types is strong in the Fraser Valley with more sellers returning to the table in September, which is expected at this time of year.”

In September, the Board received 2,342 new listings, a decrease of 33.4 per cent compared to last year, and an increase of 11.2 per cent compared to August 2021. The month ended with a total active inventory of 3,812, which is a 6.5 per cent decrease compared to August, and a 48.3 percent decrease compared to September 2020.

Baldev Gill, Chief Executive Officer of the Board, added, “The pandemic continues to have an impact on current conditions and while the market remains steady, we are sensitive to ongoing health and safety concerns. Our members follow stringent protocols as mandated by the Public Health Officer, and we will continue to lead by example for the benefit of our members and their clients.”        

Across Fraser Valley, in September, the average number of days to sell a single-family detached home was 26 and a townhome was 19 days. Apartments took, on average, 26 days to sell.

MLS® HPI Benchmark Price Activity

• Single Family Detached: At $1,362,220, the Benchmark price for an FVREB single-family detached home increased 1.9 per cent compared to August 2021 and increased 31.9 per cent compared to September 2020.
• Townhomes: At $707,300, the Benchmark price for an FVREB townhome increased 1.4 per cent compared to August 2021 and increased 24.7 per cent compared to September 2020.
• Apartments: At $504,500, the Benchmark price for an FVREB apartment/condo increased 1.2 per cent compared to August 2021 and increased 15.5 per cent compared to September 2020.

The Fraser Valley Real Estate Board is an association of 4,189 real estate professionals who live and work in the BC communities of Abbotsford, Langley, Mission, North Delta, Surrey, and White Rock. The FVREB will mark its 100-year anniversary later this month.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/23609eab-59ba-4040-8379-0c6488c0c7fe.