January is usually a quiet month for real estate sales however this January produced the strongest January sales on record as well as a modest uptick in new listings.
The Fraser Valley Real Estate Board processed a total of 1718 real estate sales in January 2021, an increase of 76 per cent compared to January 2020 and 18 per cent fewer than were processed in December 2020. The previous record of 1338 real estate sales was set in January 2016.
Rates are very low right now and supply is limited so this has definitely created a sellers’ market. Total active inventory for the month was 4,210 which was down 18 per cent from last year’s active listings and 30 per cent below the 10-year average.
In January 2021, the average number of days to sell a single-family detached home in the Fraser Valley was 35, compared to 60 days in January 2020. It took 28 days on average to sell a townhome and 37 days for apartments, compared to 47 and 49 days respectively, in January of last year.
At $1,106,500, the Benchmark price for a single family detached home increased 2.5% compared to December 2020 and increased 15.2% compared to January 2020. The average price for a townhome was $580,800 and the average price for an apartment was $439,800.
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