February 2022 MARKET STATS

FVREB posts record volume of new listings in February

 

SURREY, BC – Buyers of Fraser Valley real estate had significantly more inventory to choose from last month due to a record-breaking volume of new listings received for the month of February.

 

The Fraser Valley Real Estate Board (FVREB) received 3,742 new listings in February, an increase of 75.3 per cent compared to January, and an increase of 14.6 per cent compared to February of last year. The previous highest February for new listings was 3,283 in 2016.

 

The FVREB processed a total of 1,824 sales of all property types on its Multiple Listing Service® (MLS®) in February 2022, a decrease of 35.2 per cent compared to February 2021, and 39.2 per cent higher compared to January 2022. Sales remain strong at 18 per cent above the 10-year average.

 

By month end, February’s total active listings available for purchase were 3,790, a decrease of 8.0 per cent compared to the same month last year, however 62.5 per cent higher than what was available at the end of January. It’s the highest month-over-month increase in active listings in the Fraser Valley in 20 years.

 

“Although the market is still far from balanced, it is encouraging to see new listings increase again for the second month in a row,” said Fraser Valley Real Estate Board President, Larry Anderson.

 

“We’re hopeful that this trend will be sustained leading into the spring season as more sellers come on stream to help soften the market and provide opportunities for the many buyers who’ve been sidelined over the past year and a half.”

 

“Buyers are looking for value for their real estate dollar and the Fraser Valley market still delivers compared to other regions throughout the Lower Mainland,” said Baldev Gill CEO of the Fraser Valley Real Estate Board…

 

 

“That said, supply fundamentals continue to be the number one issue facing real estate markets in all regions across the province. Until there is a concerted effort to address inventory, buyers will continue to face challenging market conditions.”

 

MLS® HPI Benchmark Price Activity

 

  • Single Family Detached:

At $1,670,800, the Benchmark price for an FVREB single-family detached home increased 6.5 per cent compared to last month and increased 43.6 per cent compared to February 2021….

  • Townhomes

At $840,900, the Benchmark price for an FVREB townhome increased 5.6 per cent compared to last month and increased 40.1 per cent compared to February 2021.

  • Apartments:

At $614,800 the Benchmark price for an FVREB apartment/condo increased 7.1 per cent compared to last month and increased 36.3 per cent compared to February 2021.

 

About Liz Penner | Your Best Langley Real Estate Agent

 

Liz Penner is a top-selling licensed real estate salesperson with the Fraser Valley Real Estate Board and has been a top-selling realtor specializing in the residential resale of condos, townhomes, and houses for over a decade. Liz assists residents of the Langley and Surrey areas to sell real estate while looking out for the client’s best interests. Liz also helps first-time homebuyers, families, and repeat purchasers with their property search process, ensuring that her clients get access to the very best homes on the market while receiving excellent service ensuring that they find the perfect place to call home.

 

Liz holds a BBA in leadership and has completed a variety of specific training through the Fraser Valley Real Estate Board in the areas of selling strata properties, foreclosures, estate sales, and new construction properties. Liz is also well versed in POAs, the Strata Property Act, and more.

 

If you are looking for a knowledgeable and professional real estate agent that is willing to do everything possible to ensure that you get top dollar for the sale of your home or to find the dream home you are looking for in the Surrey and Langley, BC areas then get in contact today.

 

Why list your home for sale with Liz Penner

 

  • I’ve helped my clients sell over 400 condos, townhomes, and houses throughout the Langley and Cloverdale area, and I’d love the opportunity to do the same for you.
  • I’ve experienced straightforward sales and sales that have gone off the rails, back on the rails, off the rails, and then back on again. That’s just the way the real estate train rolls, and it never rattles me.
  • I’ve got a solid toolkit to pull from when a problem arises. I take my job seriously each time, and I will make sure you get top dollar for your  Fraser Valley, Langley, or Cloverdale home, smooth sailing, or otherwise.
  • If you’re looking for a realtor that you can count on in the Langley and Surrey area.
  • I’m your Agent!
  • If you want top dollar for your home
  • I can do that!
  • Do you want to save money on your next home purchase?
  • I can do that too!

 

What you can expect when working with Liz Penner

 

  • Fast, Reliable, and Quality service
  • Frequent Communication – from somebody who is available to serve you in the key moments that matter.
  • Expert Advice – from a well-trained and well trained and experienced agent with almost 2 decades of experience as a top-selling real estate agent.

Published on March 2, 2022

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