Buying and Selling Real Estate Blog
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June 2021 Fraser Valley Market Stats
June, although a very strong month, has been the first month since last September to not break a historical sales record.
We saw 24 percent less sales processed, than in May. The total for June being 2,247 sales on MLS which was 22 percent higher than the 10 year average and a 31 percent increase over June 2020. The Fraser Valley Real Estate Board saw 3,108 new listings which by months end, left 5,474 active listings on MLS, which is 22.5 percent less than June 2020 and a decrease of 7 percent from May.
'In June, we shifted from an extreme seller’s market to a strong seller’s market. Although demand for Fraser Valley homes remains very high – over 40 per cent of active listings sold in June – we’re seeing the market settle down giving buyers and sellers more room to maneuver.' Says President of the Board, Larry Anderson. “We’re now seeing more subject offers and for the first time in months, we’re starting to see price reductions. A lack of supply continues to be the single largest factor affecting the market. Simply put, to meet current demand and get back to balance, we need about 3,500 more active listings in our region.”
The Board reports that in June, the average number of days to sell a single-family detached home was 17 and a townhome was 12 days. Apartments took, on average, 21 days to sell.
The Benchmark price for a Single Family Detached home in the FVRED is $1,324,400 which is an increase of 0.1 percent compared to the previous month and an increase of 33.2 percent over last year.
The Benchmark price for a Townhouse in the FVRED is $678,400 which is an increase of 1.3 percent compared to the previous month and an increase of 21.2 percent over last year.
The Benchmark price for an Apartment in the FVRED is $493,500 which is an increase of 1 percent compared to the previous month and an increase of 13.4 percent over last year.
Here is a link to the full Stats Package for June 2021 including 5 year summeries, Home Price Index & Average Price charts, Specific Stats for Fraser Valley municipalities in detail and more! CLICK HERE