Rob Blair

Cell 604-617-1208 | robblair@remax.net

RSS

Glimmer of hope for Fraser Valley home buyers as new listings surge in January


SURREY, BC - 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 — still the third highest ever for January — cooled compared to December while the volume of new listings improved significantly.

 

The Fraser Valley Real Estate Board 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.

 

The Board received 2,135 new listings in January, an increase of 67.1 per cent compared to December 2021, and a decrease of 23.3 per cent compared to January of last year. 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.


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.

 

"It's 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."

 

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, 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.


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.
 
Read
Categories:   Abbotsford East, Abbotsford Real Estate | Abbotsford West, Abbotsford Real Estate | Aberdeen, Abbotsford Real Estate | Albion, Maple Ridge Real Estate | Aldergrove Langley, Langley Real Estate | Beach Grove, Tsawwassen Real Estate | Brentwood Park, Burnaby North Real Estate | Brookswood Langley, Langley Real Estate | Campbell Valley, Langley Real Estate | Cape Horn, Coquitlam Real Estate | Central Abbotsford, Abbotsford Real Estate | Clayton, Cloverdale Real Estate | Cloverdale BC, Cloverdale Real Estate | Coal Harbour, Vancouver West Real Estate | Crescent Bch Ocean Pk., South Surrey White Rock Real Estate | Downtown VW, Vancouver West Real Estate | East Newton, Surrey Real Estate | False Creek, Vancouver West Real Estate | Fleetwood Tynehead, Surrey Real Estate | Fort Langley, Langley Real Estate | Fraserview NW, New Westminster Real Estate | Grandview Surrey, South Surrey White Rock Real Estate | Guildford, North Surrey Real Estate | King George Corridor, South Surrey White Rock Real Estate | Kitsilano, Vancouver West Real Estate | Langley City, Langley Real Estate | Murrayville, Langley Real Estate | Otter District, Langley Real Estate | Pacific Douglas, South Surrey White Rock Real Estate | Salmon River, Langley Real Estate | Sperling-Duthie, Burnaby North Real Estate | Sullivan Station, Surrey Real Estate | Sunnyside Park Surrey, South Surrey White Rock Real Estate | Tobiano, Kamloops Real Estate | Uptown NW, New Westminster Real Estate | Vedder S Watson-Promontory, Sardis Real Estate | Walnut Grove, Langley Real Estate | West Newton, Surrey Real Estate | Whalley, North Surrey Real Estate | White Rock, South Surrey White Rock Real Estate | Willoughby Heights, Langley Real Estate
Categories
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.