With property sales reaching a century-high mark, March finished off with shattering monthly sales and new listings records in the Fraser Valley. The Fraser Valley Real Estate Board reported that sales in March were the biggest monthly tally since the board was created in 1921.
In the report, the FVREB noted that March 2021 sales increased 131 per cent compared to March 2020 and surpassed February’s sales by 18 per cent. Read the full report here
Across the Fraser Valley, in March, the average number of days to sell a single-family detached home was 15 and a townhome was 14 days. Apartments took, on average, 31 days to sell.
MLS® HPI Benchmark Price Activity
- Single Family Detached: At $1,237,900, the Benchmark price for an FVREB single-family detached home increased 6.4 per cent compared to February 2021 and increased 25.3 per cent compared to March 2020.
- Townhomes: At $624,500, the Benchmark price for an FVREB townhome increased 4.0 per cent compared to February 2021 and increased 13.7 per cent compared to March 2020.
- Apartments: At $465,400, the Benchmark price for an FVREB apartment/condo increased 3.2 per cent compared to February 2021 and increased 6.5 per cent compared to March 2020.
We my friends, are experiencing a very unique seller’s market.
With escalating prices and multiple offers, as you can imagine, this is a very unique time for buyers. Our team has been working with diligence to ensure that our clients are well positioned to make the right move for them and their family.
What has really helped this past month is the increase in new listings in the Fraser Valley – giving our buyers more selection.
As always, if you have any questions about the current market conditions or if you’ve been thinking about buying and have no idea where to start – we’ve got you covered! Contact the Hardy Team today – let’s maximize your real estate investment.