According to the Fraser Valley Real Estate Board record‐shattering December caps an unexpected year in Fraser Valley real estate.
As released by the FVREB this January “in a year when the real estate market was at a standstill for months due to COVID‐19, total annual sales in the Fraser Valley still finished 12.4% above the 10‐year average due to unrelenting, pent‐up consumer demand during the second half of 2020. In December, the Board’s Multiple Listing Service® (MLS®) processed a staggering 2,086 sales, the strongest December on record and 81.2% above normal for the month. New listings in December, were the second-highest on record at 1,502. By month’s end, active inventory finished below typical levels, at 3,949 units.
Fraser Valley Real Estate Board reported the total sales volume for the year in Fraser Valley was 19,926; an increase of 28.7% compared to 2019’s 15,487 sales and placing it fourth-highest for annual sales since 2011.
Chris Shields, President of the Board, observes, “The pandemic upended everything in 2020 and how the real estate market responded to it was nothing short of remarkable. No one could have anticipated a six‐month stretch like we’ve just experienced. Typical seasonal cycles did not apply, how we conduct business had to change to keep the public safe; and most unexpected, has been the unwavering demand for family‐sized homes in our region and so far, there is no sign of it slowing down.”
Find all the infographics related to the May Market Statistics by visiting the Facebook Album.
White Rock / South Surrey
Looking for more information about the real estate market in specific neighbourhoods in Surrey, Langley and Fraser Valley?
MLS® Home Price Index (HPI) Benchmark Price
Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.
This blog post is based on market data provided by the Fraser Valley Real Estate Board (FVREB) www.fvreb.bc.ca