Surrey and Fraser Valley home sales continued surge in April 2021: FVREB

May 4 2021, 12:15 pm

Fraser Valley Real Estate Board (FVREB) is reporting that April 2021 marked the eighth consecutive month of record-breaking home sales in their jurisdiction, which includes Surrey, North Delta, White Rock, Langley, Mission, and Abbotsford.

This pandemic seller’s market now surpasses the previous longest stretch of seven consecutive, record-breaking months, last set in 2015/2016.

There were 3,016 units sold across all home types in April 2021, representing a 338% increase compared to the initial depressed pandemic conditions in April 2020, and a 9% decrease compared to March 2021. The last record high for sales for the month of April was 2,969 in 2016.

However, the FVREB believes April could be a turning point in market conditions, as the market over the last few weeks has been responding to the demand with near-record levels of new inventory.

The highest volume of new listings ever was recorded in March 2021, and this pace continued into April, with 5,018 new listings — an increase of 254% compared to April 2020, and a decrease of 1% compared to the previous month.

The total number of listings within FVREB reached 6,030 in April 2021, representing a 20% increase over March 2021 and the highest level in six months.

“Buyers and sellers will note that we’re already seeing increases in home prices start to slow in response to the new supply,” said Baldev Gill, the CEO of the FVREB, in a statement.

For the major sub-market of Surrey, there were 601 detached homes sold over the month, representing a 16% decrease over March 2021 and a 355% year-over-year increase. Benchmark detached prices increased by 4.4% to $1.337 million compared to the previous month.

Townhome sales in Surrey reached 470 units, which is a 0.6% drop over the previous month, with benchmark at $681,000 — a 4.4% month-over-month increase, as well.

As for Surrey apartments, the total number of unit sales was 332, representing an 11% decrease over March 2021. Benchmark apartment prices in this sub-market reached $484,000, which is a 3% month-over-month increase.

Across the entire FVREB jurisdiction, the average home price reached $1.051 million in April 2021, representing a 38% year-over-year increase and a 2.7% month-over-month uptick.

For April 2021 statistics in the Real Estate Board of Greater Vancouver, covering other areas of Metro Vancouver including Vancouver, click here.

April 2021 home sales statistics: FVREB

  • Detached homes
    • Number of units sold: 1,264 (-10.7% over March 2021; +375.2% over April 2020)
    • Number of active listings: 2,500 (+29.7% over March 2021; +28.1% over April 2020)
    • Benchmark price: $1,293,300 (+4.5% over March 2021; +30.3% over April 2020)
    • Average days on market: 13
  • Apartment homes
    • Number of units sold: 694 (-14.4% over March 2021; +362.7% over April 2020)
    • Number of active listings: 1,033 (-0.7% over March 2021; +177.7% over April 2020)
    • Benchmark price: $478,700 (+2.9% over March 2021; +9.3% over April 2020)
    • Average days on market: 22
  • Townhomes
    • Number of units sold: 753 (-2.6% over March 2021; +276.5% over April 2020)
    • Number of active listings: 858 (+33.6% over March 2021; -8.8% over April 2020)
    • Benchmark price: $652,400 (+4.5% over March 2021; +18.0% over April 2020)
    • Average days on market: 10

Kenneth ChanKenneth Chan

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