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Forecast: Condo market may match or exceed home sales in Spring Market 2021
Dated: February 10 2021
Hello all, this is Brent Roberts and today I am going to break down what the real estate market in the Fraser Valley has experienced in the last month. Let me tell you, 2021 has started with a bang and I am excited to share some of our market stats.
For 2021, we see a continuation of the market we experienced in 2020 as we continue to remain in a seller’s market.
The Fraser Valley saw historical record sales and inventory has struggled to keep up! The Fraser Valley Board (FVREB) recorded 1,718 sales of all property types on MLS, a 76% increase in sales compared to January of last year, and an 18% increase compared to the month of December. This resulted in a record high of 72% greater sales than the 10-year average.
With that said, as the market experiences strong sales, inventory remains to be low. While last month had a 26% increase in new listings compared to the month of December, inventory is down 18% compared to last year. Properties that may have been sitting past 30 days on MLS are now gaining significant attention. The low inventory indicates a trend of a strong seller’s market with high demand has resulted in multiple offers.
What we are experiencing in the Fraser Valley market is also reflected in our own brokerage’s sale numbers.
Due to Covid-19 and folks adjusting to life during a pandemic, a migration from city to suburbia is occurring, increasing the demand for detached homes and townhomes. Just recently, we listed a home in Fleetwood which resulted in multiple offers and the seller accepting an over-asking offer within a week of it being on the market.
The FVREB reported single-family homes average 35 days on market to sell compared to the 60 day average last January. Homes are also reaching a bench-mark average price of $1,106,500, a 2.5% increase compared to December and a 15.2% increase from last year! While the condo market saw a modest decrease of days on market and increase in price, single-family homes and townhomes continue to dominate MLS sales.
However with that said, while 2020 saw an increase in mid-range detached homes and townhome sales, our brokerage is seeing a trend that the condo market is now reaching the explosive market activity, that of which we saw in the detached home market.
January is industry known as the slowest month of the year for the housing market, however this year is not a typical year and we have not seen a decrease in activity yet, which means Spring should bring an increasingly active market.
At Royal LePage Brent Roberts Realty we are working hard to get home buyers and sellers the best offer when it comes to their properties as we try to navigate these challenging times.
Brent Roberts purchased his first piece of real estate at the young age of 18. He has since bought and sold over 100 homes throughout his investment career. His portfolio has included single family ho....