Home sales within the jurisdiction of the Fraser Valley Real Estate Board (FVREB) in May 2021 broke records for the ninth consecutive month, and reached near-historic levels of new listings.
Over the course of the month, there were 2,951 home sales, representing an increase of 267% compared to May 2020 during the pandemic lockdown and a 2% decrease from April 2021. May 2021’s sales volume broke the previous record high for May of 2,911 units in 2016.
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FVREB states the market has responded to the demand, with inventory increasing by 40% over the past three months, but this level of supply is still unable to satisfy heightened demand.
“We’re seeing resistance to multiple offers and buyers adjusting their offers, or even waiting, because they have more selection,” said Larry Anderson, president of the FVREB, in a statement.
“We’re a long way from a balanced market, but supply is helping us to head in the right direction.”
FVREB’s jurisdiction spans Surrey, North Delta, White Rock, Langley, Mission, and Abbotsford. Other parts of Metro Vancouver are under the Real Estate Board of Greater Vancouver.
The major FVREB market in Surrey saw 600 detached homes sold in May 2021, with the benchmark price at $1.429 million — up from $1.087 million in May 2020.
Surrey townhomes saw a 248% year-over-year sales volume increase, and the benchmark price is now $697,000, up from $579,000 a year ago.
However, condominiums in Surrey saw a smaller price creep, with the benchmark price rising to $446,000 year-over-year from $399,200. There was a 372% increase in the number of condominiums sold year-over-year.
For all homes within the FVREB, the average price was $1.009 million at the end of last month — a 35% increase from $747,000 in May 2020.
In May 2021, the FVREB saw its second highest volume of new listings ever, almost equal to May 2018 levels. It recorded 3,926 new listings, an increase of 78% over the same month last year and a decrease of 22% compared to April 2021.
The month ended with a total of 5,868 active listings, representing a 3% decrease from April 2021, and a 9% decrease from May 2020.
May 2021 home sales statistics: FVREB
- Detached homes
- Number of units sold: 1,193 (-5.6% over April 2021; +311.4% over May 2020)
- Number of active listings: 2,402 (-28.3% over April 2021; +94.5% over May 2020)
- Benchmark price: $1,323,300 (+2.3% over April 2021; +33.6% over May 2020)
- Average days on market: 14
- Apartment homes
- Number of units sold: 781 (+12.5% over April 2021; +308.9% over May 2020)
- Number of active listings: 1,277 (-3.7% over April 2021; -12.4% over May 2020)
- Benchmark price: $488,500 (+2.0% over April 2021; +12.6% over May 2020)
- Average days on market: 20
- Number of units sold: 703 (-6.6% over April 2021; +215% over May 2020)
- Number of active listings: 836 (-2.6% over April 2021; -18.5% over May 2020)
- Benchmark price: $670,000 (+2.7% over April 2021; +20.7% over May 2020)
- Average days on market: 12