VIDEO MARKET REPORTS BELOW
For the eighth consecutive month, Fraser Valley real estate saw record‐breaking sales with April topping the previous monthly high set in 2016. The 2020/2021 pandemic seller’s market in the Fraser Valley has now surpassed the previous longest stretch of seven consecutive, record‐breaking months, last set in 2015/2016.
Larry Anderson, President of the Board, said,
“Although it remains very competitive and challenging for buyers, April could be the turning point in this historic market. In the last couple of weeks, we have seen evidence of a change in pace. In general, we’re seeing fewer multiple offers, fewer subject‐free offers, and homes over‐priced are starting to sit longer. These are positive signs that the market is responding to near‐record levels of new inventory.”
Baldev Gill, Chief Executive Officer of the Fraser Valley Board suggests that this may be due to an increased supply creating less demand (or at least spreading the demand out a bit more).
MLS® HPI Benchmark Price Activity (FVREB)
Single Family Detached: At $1,293,300, the Benchmark price for an FVREB single‐family detached home increased 4.5 per cent compared to March 2021 and increased 30.3 per cent compared to April 2020.
Townhomes: At $652,400, the Benchmark price for an FVREB townhome increased 4.5 per cent compared to March 2021 and increased 18.0 per cent compared to April 2020.
Apartments: At $478,700, the Benchmark price for an FVREB apartment/condo increased 2.9 per cent compared to March 2021 and increased 9.3 per cent compared to April 2020.
For the REBGV (Real Estate Board of Greater Vancouver) the outlook is a bit different from Fraser Valley. Home sellers have become increasingly active in Metro Vancouver’s housing market this spring in response to heightened demand and rising home values that have materialized during the pandemic.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 4,908 in April 2021, a 342.6 per cent increase from the 1,109 sales recorded in April 2020, and a 14 per cent decrease from the 5,708 homes sold in March 2021. Last month’s sales were 56.2 per cent above the 10-year April sales average and is the highest total on record for the month.
“Our housing market has changed considerably from one year ago when COVID-19 concerns brought activity to a near standstill,” Keith Stewart, REBGV’s economist said. “This was followed by a well-documented spike in home buyer demand across the region. So far this spring, we’ve seen a corresponding supply response from home sellers.”
So in general, we may be seeing a trend in the R E Market perhaps plateauing a bit. This does not mean the prices will go down, it just may mean that houses will take a bit longer than 3 days to sell with 30+ offers (haha); which really isn’t a healthy market to begin with.
This means that BUYERS have opportunities to perhaps properly vet the home, do a proper inspection and have some terms in the contract that will protect them from purchasing a lemon. Also they can still take advantage of amazing historic Lending Rates.
One of my clients just received a .99% variable rate mortgage this past week! This is unheard of stuff. So we don’t see things slowing down anytime soon.
If you are thinking of BUYING or SELLING, I would love to help you navigate that and set you up for success. Don’t feel shy to give me a shout. 604-657-2660.
SNAP STATS BELOW
Contact me for specific SNAP STATS for your Neighbourhood and Area! I can email a PDF copy and we can chat!
firstname.lastname@example.org or 604-657-2660.