Fraser Valley Market Statistics – March 2022

Continued growth in new listings a hopeful sign for home buyers in the Fraser Valley

 

SURREY, BC – For the third consecutive month, new listings in the Fraser Valley continued to climb in March giving buyers more to choose from, helping to increase overall active inventory to levels not seen since last July.

 

Property sales remain robust, as Benchmark prices, the price of a ‘typical’ home, continued to increase month-over-month.

 

In March, the FVREB processed 2,580 residential and commercial sales on its Multiple Listing Service® (MLS®), a decrease of 22.5 per cent compared to March 2021 and 41.4 per cent more than were processed in February.

 

Sandra Benz, President of the Board, said of this month’s statistics, “Sales were strong again in March as more new listings continued to come on stream. We’re hopeful this will contribute to a slowing in price growth, which is good news for the home-buying public. Other encouraging signs, such as less open house traffic and fewer multiple offers, may help us get to a more balanced market, however until the fundamental issue of lack of supply is addressed, we won’t see that happen anytime soon.”

 

Baldev Gill, Chief Executive Officer of the Board, added, “We may not see the impact of recent interest rate hikes on the market trends until later in 2022. With fixed rates nearly double what they were a year ago, new homebuyers will likely be more impacted than other segments of the home-buying public, as mortgage stress test conditions become more stringent. We hope to see equal efforts from government to address inventory issues to help make housing more affordable.”

 

Across Fraser Valley, in March, the average number of days to sell a single-family detached home was 12 and a townhome was 14 days. Apartments took, on average, 11 days to sell.

 

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,726,900, the Benchmark price for an FVREB single-family detached home increased 3.4 per cent compared to February 2022 and increased 39.5 per cent compared to March 2021.
  • Townhomes: At $886,400, the Benchmark price for an FVREB townhome increased 5.4 per cent compared to February 2022 and increased 41.9 per cent compared to March 2021.
  • Apartments: At $643,000, the Benchmark price for an FVREB apartment/condo increased 4.6 per cent compared to February 2022 and increased 38.2 per cent compared to March 2021.

 

 

The latest Statistics Package is now available on our public website.

Additional statistics reports and graphs, many only available to members, can be found on the Statistics page on REALTOR Link®.

 

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 April 5, 2022

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