Fraser Valley home sales struggle through supply issues

Fraser Valley home sales jumped in February despite the continued challenges of low supply versus rising demand, which is likely to be further sparked by lower interest rates.

There were 1,352 home sales processed through the region’s MLS system, slightly above the 10-year average for the month. That represents a 38% year-over-year gain and a rise of 39% month-over-month.

Fraser Valley Real Estate Board says that new listings were 3% below the long-term average with the 2,557 new listings representing a 15% increase from January but 15% lower than February 2019.

The total of 5,741 active listings at the end of February is an increase of 12% month-over-month but a decrease of 10% year-over-year.

“Supply is a challenge currently in some areas and for certain property types. In February, in Langley for example, for every 10 active townhomes, six sold. In Cloverdale, there were 26 active condo listings last month; and 20 sold,” said Darin Germyn, President of the Board.

Prices in February
The MLS® HPI Benchmark Price for each property type in February was:

• Single Family Detached: At $971,300, the Benchmark price for a single-family detached home in the Fraser Valley increased 1.1% compared to January and, also increased 1.3% compared to February 2019.
• Townhomes: At $523,200 (preliminary pending review), the Benchmark price for a townhome in the Fraser Valley increased 1% compared to January and increased 1.4% compared to February 2019.
• Apartments: At $414,500, the Benchmark price for apartments/condos in the Fraser Valley increased 1.5% compared to January and increased 1.2% compared to February 2019.