Another Record-setting Month For Fraser Valley Real Estate

SURREY, BC – For the second time in as many months, Fraser Valley real estate saw record-setting monthly sales.

In February, the Fraser Valley Real Estate Board processed 2,387 sales on its Multiple Listing Service® (MLS®), an increase of 79 per cent compared to February 2015 and 78 per cent more then was processed in January. To give a historical perspective, sales in February were 46 per cent over the 10-year average for that month; and, 4 per cent higher than the previous record of 1,948 sales in February 1992.

Charles Wiebe, President of the Board said of this month’s record numbers, “In my twenty-five years of real estate, I have never seen such consistent demand for housing in the Fraser Valley.”

“While it’s certainly encouraging to see such confidence in our region, the intense demand has created a more complex market for buyers. For certain property types, prices have increased and selection is scarce. If you find yourself struggling in your search, consult a professional. We know the market and we’re here to help you.”

The Board received 3,283 new listings in February, an increase of 26 per cent compared to February of last year, and another record high for February. The total active inventory for February was 5,127, down 35 per cent from last year’s 7,864 active listings.

Wiebe explained, “Inventory is moving fast, so it’s critical that buyers know what they most want in a home and neighborhood, and be open to considering new areas. The Valley features a wide range of diverse housing options, with many areas still very affordable, so talk to your REALTOR® who will help carve a path to suit your needs.”

Across Fraser Valley, the average number of days to sell a single family detached home in February 2016 was 21 days, compared to 41 days in February 2015.

The MLS® HPI benchmark price of a Fraser Valley single family detached home in February was $714,000, an increase of 23 per cent compared to February 2015 when it was $581,400.

In February, the benchmark price of townhouses was $337,300, an increase of 13.5 per cent compared to $297,200 in February 2015. The benchmark price of apartments also increased year-over-year by 11.2 per cent, going from $189,700 in February 2015 to $211,000 in February 2016.

  • $279,000 - Apartment/Condo 210 9632 120a street, Surrey

    MLS® R2474436
    Welcome to Chandlers Hill. This Large 1 bedroom, 1 bathroom unit features an open concept layout, in [...]
    Listed by: Coldwell Banker Marquise Realty
  • $625,000 - Townhouse 46 15775 mountain view drive, Surrey

    MLS® R2473573
    Fully Loaded Townhome in Grandview by Adera. Owners have splurged on all the upgrades that include the [...]
    Listed by: Coldwell Banker Marquise Realty
  • $889,000 - House/Single Family 5077 erin way, Tsawwassen

    MLS® R2472914
    Excellent opportunity! 4 Bedroom 3 bathroom home on square 7481 square foot lot on Erin Way. Fantastic [...]
    Listed by: Coldwell Banker Marquise Realty
    

Vantage Real Estate Group
604-345-3339






This representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy.

copyright © 2020 vantagerealestate.ca All rights reserved.
Powered by Digit Art Designs Ltd