Surrey and Fraser Valley record lowest number of home listings since 1981
The total number of home listings in the MLS system within the Fraser Valley Real Estate Board (FVREB) reached its lowest level since 1981 in July 2021.
Market activity in FVREB softened in home sales and new listings, but the number of buyers significantly outnumbered sellers.
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Over the course of July 2021, there were a total of 2,006 home sales in the jurisdiction — a drop of 11% compared to June 2021 and a 4.5% increase from June 2020. Sales were still 15% above the 10-year average for the month.
“A summer slowdown is typical. We anticipated that once people could travel and enjoy family time safely, they would do so, and we couldnāt be happier for everyone,” said Larry Anderson, president of the FVREB, in a statement.
“Demand for homes in our region, however, remains above average ā for fourteen months, we have been in a sellerās market for Fraser Valley detached homes, townhomes and condos ā and yet for the last four months, new listings in our region have been decreasing.”
In July 2021, there were 2,431 new listings, representing a decrease of 22% from June 2021 and a decrease of 31.5% from the same period last year. The month concluded with total active inventory sitting at 4,901 — a 10.5% decrease from June 2020 and 33% fewer than July 2020.
“To put our market in perspective, we just came off the third-highest sales for July in the last ten years, while home buyers looking to invest in the Fraser Valley had the same level of inventory to choose from that they had forty years ago,” said Baldev Gill, CEO of the FVREB.
“For the market to reach equilibrium and upward pressure on prices to decrease, we need more inventory.”
FVREB’s jurisdiction includes Surrey, North Delta, White Rock, Langley, Mission, and Abbotsford, but it does not include Chilliwack, which has its own real estate board. For July 2021 statistics in the Real Estate Board of Greater Vancouver, covering other areas of Metro Vancouver, including Vancouver, click here.
FVREB notes that 374 homes were sold within Surrey in July 2021, representing an 11.2% drop from June 2021 and a 14% drop from July 2020. The benchmark home price in Surrey fell by 0.3% month-over-month but increased by 29.3% compared to July 2020.
July 2021 home sales statistics: FVREB
- Single-family detached homes
- Number of units sold: 765 (-13% over June 2021; -11.8% over July 2020)
- Number of new listings: 848 (-26.3% over June 2021; -39.3% over July 2020)
- Number of active listings: 2,500 (-17.3% over June 2021; -29.7% over July 2020)
- Benchmark price: $1,293,300 (-0.4% over June 2021; +30.9% over July 2020)
- Average days on market: 26
- Apartment homes
- Number of units sold: 557 (-9.4% over June 2021; +29.5% over July 2020)
- Number of new listings: 681 (-18.9% over June 2021; -21.5% over July 2020)
- Number of active listings: 1,145 (-7.9% over June 2021; -34.9% over July 2020)
- Benchmark price: $494,000 (+0.1% over June 2021; +13.0% over July 2020)
- Average days on market: 24
- Townhomes
- Number of units sold: 479 (-15.4% over June 2021; -13.7% over July 2020)
- Number of new listings: 541 (-22.5% over June 2021; -32.6% over July 2020)
- Number of active listings: 699 (-9.2% over June 2021; -43.5% over July 2020)
- Benchmark price: $688,400 (14.5% over June 2021; +22.3% over July 2020)
- Average days on market: 15