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March 2021 Fraser Valley Market Stats
Records for both Sales and New Listings processed in a single month were broken in March 2021 which covered the 100 year history of the Fraser Valley Real Estate Board! These records were significant steps from both last year and last month. March of 2020 was the beginning of Covid restrictions and we saw the market start to hesitate. In March 2021 the board processed 3,329 sales, which is 323 more listings that the previous record from March 2016, 18% more than February 2021 and 131% more than March 2020.
March also saw a record breaking 5,087 new listings hit the market, which is a 91% increase from March 2020, a 56% jump from last month and 629 more than the previous record of April 2008. This helped raise active inventory by 22% over last months amounts which barely brought down the Sales-to-Active Listings Ratio to 66%.
With so many months of record breaking growth the Benchmark price of residential homes is 16% higher than last year to $981,200.
Looking at the residential market broken into Detached, Townhouse and Apartment shows the following:
Apartments Benchmark price of $465,400 is 3.2% higher than last month and 6.5% higher compared to this time last year.
Townhouses Benchmark price of 624,500 is 4% higher than last month and 13.7% higher than March of 2020.
Single Family Detached Benchmark price of 1,237,900 is 6.4% higher than last month and 25.3% higher than March of 2020.
Townhomes took on average 14 days to sell, Single Family homes took 15 and Apartments took on average 31 days.
Abbotsford's Detached homes saw a 37.3% rise over last month and a 170% increase of sales of last year. The Benchmark price of homes rose 8% over last month and 29.7% over last year.
Langley's Detached homes saw an incredible 75.4% rise over last month and a197.2% increase of sales of last year. The Benchmark price of homes rose 5.7% over last month and 24.6% over last year.
Langley's Townhouse sales fell 11.2% rise over last month but rose 147.3% over last year. The Benchmark price of townhouses rose 3.9% over last month and 13.2% over last year.
White Rock / South Surrey Condo's saw a 21.9% rise over last month and a 218.4% increase of sales of last year. The Benchmark price of condos rose 3.7% over last month and 9.7% over last year.
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