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February 2021 Fraser Valley Market Stats
'We have never seen such consistent and persistent demand for housing in the Fraser Valley.' Chris Shields, President of the Fraser Valley Real Estate Board said of seeing this month's record numbers! This constant growth has never been seen before in the 100 year history of the FVREB.
The amount of sales processed in February was an increase of 108% over February of 2020 and 64% over just last month. The closest record February was in 2016 and was 18% lower that 2021. Compared to the 10 year average of the month of February, this month is 88% above. This was a historic month!
It seems like the situationis fueled by historically low interest rates, many people purchasing homes outside of city centers because of a flexible work situation plus some reluctance to list homes based on an unknown pandemic situation.
We have seen such high record sales that even though there has also seen a very high amount of new listings, 28% higher than last February, the total amount of active inventory is down 28% from last February. This is the lowest ever for the month and is seen in the Sales-to-Active Listings Ratio chart which marks February at a previously unheard of 68%.
This demand has put a major push on pricing which we can see that even in the last month the benchmark price of detached homes in Langley has gone up 4.1%, in Abbotsford 6.7% and in Cloverdale 8.2%. As impressive as those numbers are, these are the yearly rise in benchmark pricing for the Fraser Valley:
Detached Homes up 19.9% with a sales to active ratio of 57%
Townhomes are up 10.1% with a sales to active ratio of 148%
Condos are up 5.3% with a sales to active ratio of 83%
Here is a link to the full Stats Package for February 2021 including 5 year summeries, Home Price Index & Average Price charts, Specific Stats for Fraser Valley municipalities in detail and more! CLICK HERE