{"id":408759,"date":"2021-01-05T11:03:24","date_gmt":"2021-01-05T16:03:24","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=408759"},"modified":"2021-01-05T11:03:24","modified_gmt":"2021-01-05T16:03:24","slug":"record-shattering-december-caps-unexpected-year-in-fraser-valley-real-estate","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/record-shattering-december-caps-unexpected-year-in-fraser-valley-real-estate\/","title":{"rendered":"Record-shattering December caps unexpected year in Fraser Valley real estate"},"content":{"rendered":"
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SURREY, British Columbia, Jan. 05, 2021 (GLOBE NEWSWIRE) — In a year when the real estate market was at a standstill for months due to COVID-19, total annual sales in the Fraser Valley still finished 12.4 per cent above the 10-year average due to unrelenting, pent-up consumer demand during the second half of 2020.<\/p>\n

In December, the Board\u2019s Multiple Listing Service\u00ae (MLS\u00ae) processed a staggering 2,086 sales, the strongest December on record and 81.2 per cent above normal for the month. New listings in December, were the second highest on record at 1,502. By month\u2019s end, active inventory finished below typical levels, at 3,949 units.<\/p>\n

The total sales volume for the year in Fraser Valley was 19,926; an increase of 28.7 per cent compared to 2019\u2019s 15,487 sales and placing it fourth highest for annual sales since 2011.<\/p>\n

In 2020, sales of the three main residential property types were as follows: 8,176 single-family detached; 5,102 townhouses; and 4,357 apartments. Year-over-year, sales of detached soared by 41.7 per cent compared to 2019; townhome sales increased by 31.2 per cent and sales of apartments increased by 5.9 per cent.\u00a0
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Chris Shields, President of the Board, observes, \u201cThe pandemic upended everything in 2020 and how the real estate market responded to it was nothing short of remarkable. No one could have anticipated a six-month stretch like we\u2019ve just experienced. Typical seasonal cycles did not apply, how we conduct business had to change to keep the public safe; and most unexpected, has been the unwavering demand for family-sized homes in our region and so far, there is no sign of it slowing down.\u201d<\/p>\n

A total of 31,693 new listings were received by the Board\u2019s MLS\u00ae in 2020, an increase of 3.7 per cent compared to 2019. As with annual sales, 2020 saw the fourth highest volume of new inventory for the Board in the last decade.<\/p>\n

Baldev Gill, Chief Executive Officer of the Board, adds, “Although listing volumes appear healthy, our region\u2019s current overall inventory is 28 per cent below normal. For those who have been thinking of selling but have held off due to the pandemic, the industry has mastered how to keep consumers safe using technology and strictly following provincial health guidelines. Ask your REALTOR\u00ae if now is a prudent time to list because the market currently is favouring sellers.\u201d<\/p>\n

\n MLS\u00ae HPI Benchmark Price Activity<\/strong>\n <\/p>\n