VIDEO MARKET REPORTS BELOW
The Metro-Vancouver and Fraser Valley Real Estate Markets are continuing to break records with historic sales records. The recent story however is the number of new listings on the market. People are finally catching up to the great news and have started thinking they want to get IN on this awesome market. So we are being flooded with NEW INVENTORY.
This means there is more choice out there for BUYERS (yay). It also means that although the prices remain higher, there are fewer people making multiple offers on properties. A couple months ago we were seeing some properties getting 25 offers one one night! Today we may see only one or two offers. In the Real Estate Market this means the market is “softening” slightly.
Larry Anderson, President of the Board, said,
“Demand hasn’t changed. What’s changed is supply. In the last three months, buyers have 40 per cent more inventory to look at in the Fraser Valley and it’s allowed them to take back a little control.
“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.”
Across Fraser Valley, in May, the average number of days to sell a single‐family detached home was 14 and a townhome was 12 days. Apartments took, on average, 20 days to sell.
MLS® HPI Benchmark Price Activity (FVREB)
Single Family Detached: At $1,323,300, the Benchmark price for an FVREB single‐family detached home increased 2.3 per cent compared to April 2021 and increased 33.6 per cent compared to May 2020.
Townhomes: At $670,000, the Benchmark price for an FVREB townhome increased 2.7 per cent compared to April 2021 and increased 20.7 per cent compared to May 2020.
Apartments: At $488,500, the Benchmark price for an FVREB apartment/condo increased 2.0 per cent compared to April 2021 and increased 12.6 per cent compared to May 2020.
For the REBGV (Real Estate Board of Greater Vancouver) we saw a steady shift back from the record breaking activity seen in the earlier spring months.
“While home sale and listing activity remained above our long-term averages in May, conditions moved back from the record-setting pace experienced throughout Metro Vancouver in March and April of this year,” Keith Stewart, REBGV economist said. “With a little less intensity in the market today than we saw earlier in the spring, home sellers need to ensure they’re working with their REALTOR® to price their homes based on current market conditions.”
There were 7,125 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in May 2021. This represents a 93.4 per cent increase compared to the 3,684 homes listed in May 2020 and a 10.2 per cent decrease compared to April 2021 when 7,938 homes were listed.
“With sales easing down from record peaks, a revised mortgage stress test that reduces the maximum borrowing amounts by approximately 4.5 per cent, and the average five-year fixed mortgage rate climbing back over two per cent since the beginning of 2021, we’ll pay close attention to these factors leading into the summer to understand what affect they’ll have on the current market cycle,” Stewart said.
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.
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