May also had the second-highest volume of new listings ever for the month with 3,926, the record previously being set in 2018. John Dent photo.

May also had the second-highest volume of new listings ever for the month with 3,926, the record previously being set in 2018. John Dent photo.

Fraser Valley Real Estate Board breaks sales records 9 months in a row

FVREB processed 2,951 sales in May, a 267% increase compared to last year

The Fraser Valley Real Estate Board (FVREB) has broken sales records for nine months in a row.

Last month, a total of 2,951 sales were processed, and increase of 267 per cent compared to May’s numbers from 2020. The previous high for May was 2,911 sales in 2016. The month’s sales saw a two per cent decrease compared to April.

“Demand hasn’t changed. What’s changed is supply. In the last three months, buyers have 40 per cent more inventory to look at in the Fraser Valley and it’s allowed them to take back a little control,” said Larry Anderson, president of the board.

“We’re seeing resistance to multiple offers and buyers adjusting their offers, or even waiting, because they have more selection. We’re a long way from a balanced market, but supply is helping us to head in the right direction.”

May also had the second-highest volume of new listings ever for the month with 3,926, the record previously being set in 2018. This is a 78 per cent increase compared to last year, but a 22 per cent decrease compared April.

The total active inventory sits at 5,868, a three per cent decrease from April, and a nine per cent decrease compared to the previous May.

“In the context of BC’s Restart Plan, it’s important to remind consumers that for now, when it comes to working with a real estate professional or booking a private showing, it’s status quo,” said Baldev Gill, CEO of the board Currently. “There is no easing of pandemic restrictions in the real estate sector and our board does not anticipate new guidelines for several weeks.”

It took an average of 14 days to sell a single-family detached home, 12 days for a townhome and 20 days for an apartment, according to the board.

Benchmarks:

  • Single Family Detached: At $1,323,300, the benchmark price for an FVREB single-family detached home increased 2.3 per cent compared to April 2021 and increased 33.6 per cent compared to May 2020.
  • Townhomes: At $670,000, the benchmark price for an FVREB townhome increased 2.7 per cent compared to April 2021 and increased 20.7 per cent compared to May 2020.
  • Apartments: At $488,500, the benchmark price for an FVREB apartment/condo increased 2.0 per cent compared to April 2021 and increased 12.6 per cent compared to May 2020.

RELATED: 8 months in a row of record-breaking sales, says Fraser Valley Real Estate Board

Fraser ValleyReal estate

Just Posted

Dancers from the Sts’ailes First Nation perform the eagle dance at a welcome banner dedication ceremony on Thursday, June 10. “Ey Swayel” is a Halq̓eméylem term translated as ‘a good day.’ (Adam Louis/Observer)
VIDEO: ‘A good day’ for Agassiz school as Sts’ailes welcome banner is dedicated

Banner hangs above the school’s entrance, welcoming students, staff and visitors

Missing Abbotsford man Adam Hobbs was found deceased on Thursday evening (June 17).
Body of missing Abbotsford man Adam Hobbs found

Hobbs was reported missing Monday after leaving his job site in Langley

UFV athletes were honoured for their strength and perseverance during the pandemic. (UFV photo)
Fraser Valley athletes recognized in year without sports

UFV Cascades athletes honoured for strength shown during the pandemic

A tenant walks in front of her home on Boundary Road on Friday, June 18, 2021 after it was destroyed by fire the night before in Chilliwack. (Jenna Hauck/ Chilliwack Progress)
Chilliwack family homeless after fire rips through house on Abbotsford border

Turtle rescued, no one seriously hurt following Boundary Road fire in Chilliwack

Wild rabbits are all over Chilliwack, but people often think they’re someone’s lost pet and try to ‘save’ them. But the owner of Chilliwack’s Reptile Room says good intentions can have bad consequences for wild animals. (Photo by THE CANADIAN PRESS)
Owner of Chilliwack’s Reptile Room asks people to leave wild animals in the wild

Amber Quiring says people who think they’re helping are actually doing more harm than good

A small pod of Pacific white-sided dolphins pass by close to shore in Campbell River June 16, 2021. Still capture from video courtesy of Kimberly Hart
VIDEO: Dolphin sunset captured from Vancouver Island shore

Spectacular setting for view of travelling pod of Pacific white-sided dolphins

Central Okanagan Grade 12 grads are set to get $500 each after a more than $1 million donation from a Kelowna couple. (File photo)
B.C. couple donating $500 to every Grade 12 student in the Okanagan

Anonymous donors identified as Kelowna entrepreneurs Lance and Tammy Torgerson

Rita Coolidge played the main stage at Vancouver Island Musicfest in 2017. (Black Press file photo)
This year’s Vancouver Island MusicFest to virtually showcase beauty of Comox Valley

Returning July 9 through 11 with more than 25 hours of music performances

British Columbia’s premier says he’s received a second dose of the Oxford-AstraZeneca COVID-19 vaccine. (Twitter/John Horgan)
B.C. premier gets 2nd dose of AstraZeneca COVID-19 vaccine

John Horgan shared a photo of himself on social media Friday afternoon holding a completed vaccination card

A lotto Max ticket is shown in Toronto on Monday Feb. 26, 2018.THE CANADIAN PRESS
No winning ticket sold for Friday’s $70 million Lotto Max jackpot

The huge jackpot has remained unclaimed for several weeks now

Police are asking for public assistance in locating Anthony Graham who has been charged with the murders of Kamloops brothers Carlo and Erick Fryer. (RCMP photo)
2 charged, suspect at large in killings of B.C. brothers linked to gang activity: RCMP

Kamloops brothers Erick and Carlo Fryer were found deceased in May on a remote Okanagan road

Albert Health Minister Tyler Shandro and Alberta Premier Jason Kenney unveil an opening sign after speaking about the Open for Summer Plan and next steps in the COVID-19 vaccine rollout, in Edmonton, Friday, June 18, 2021. THE CANADIAN PRESS/Jason Franson
Alberta 1st province in Canada to lift all COVID-19 public health restrictions

70.2% of eligible citizens 12 and older in the province have received a dose of the vaccine

Fraser Health registered nurse Ramn Manan draws a dose of the Pfizer COVID-19 vaccine into a syringe at a walk-up vaccination clinic at Bear Creek Park, in Surrey, B.C., on Monday, May 17, 2021. THE CANADIAN PRESS/Darryl Dyck
‘Honour our fathers’ with COVID-19 vaccine protection, B.C. urges

109 new cases Friday, 75 per cent of 12 and up immunized

Most Read