Fraser Valley is reporting “extraordinary” market conditions despite the pandemic as sales activity broke records for the ninth straight month in May.
A total of 2,951 sales were recorded in Fraser Valley’s Multiple Listing Service last month, representing a 267% annual increase despite a slight 2% monthly downturn. The reading also exceeded the previous May sales record of 2,911 transactions in 2016.
The market also saw its second-highest monthly volume of new listings on record, just behind May 2018 levels. A total of 3,926 homes were newly listed last month.
Total active inventory was at 5,868 properties, down by 3% monthly and by 9% annually.
“In the last three months, buyers have 40% more inventory to look at in the Fraser Valley and it’s allowed them to take back a little control,” said Larry Anderson, president of the Fraser Valley Real Estate Board. “We’re seeing resistance to multiple offers and buyers adjusting their offers, or even waiting, because they have more selection. We’re a long way from a balanced market, but supply is helping us to head in the right direction.”
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Residential asset values exhibited sustained growth due to these market conditions. The single-family detached benchmark price in Fraser Valley was at approximately $1.323 million, up by 2.3% monthly and up by 33.6% annually.
Townhomes saw their benchmark price touch $670,000, up by 2.7% monthly and 20.7% year over year. The apartment benchmark price was at a more modest $488,500, up by 2% from April and by 12.6% from May 2020.