{"id":471925,"date":"2021-04-06T10:33:24","date_gmt":"2021-04-06T14:33:24","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=471925"},"modified":"2021-04-06T10:33:24","modified_gmt":"2021-04-06T14:33:24","slug":"march-shatters-monthly-sales-and-new-listings-records-in-the-fraser-valley","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/march-shatters-monthly-sales-and-new-listings-records-in-the-fraser-valley\/","title":{"rendered":"March shatters monthly sales and new listings records in the Fraser Valley"},"content":{"rendered":"
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SURREY, British Columbia, April 06, 2021 (GLOBE NEWSWIRE) — Fraser Valley real estate hit two historical highs in March, setting records for both sales and new listings processed in one month since the Fraser Valley Real Estate Board\u2019s (FVREB) inception in 1921.<\/p>\n

In March, the FVREB processed 3,329 residential and commercial sales on its Multiple Listing Service\u00ae (MLS\u00ae), an increase of 131 per cent compared to March 2020 and 18 per cent more than were processed in February. The previous record of 3,006 sales was set in March of 2016.<\/p>\n

Larry Anderson, President of the Board, said of this month\u2019s statistics, \u201cThis market is uncharted territory for Fraser Valley real estate. The surprising strength of the economy, the influence of the pandemic and a lack of inventory of all property types has created unprecedented demand for housing in our region.<\/p>\n

\u201cIt is very stressful for buyers. REALTORS\u00ae are working hard to guide them through what has become a protracted, powerful seller\u2019s market. As we continue to help our clients grapple with escalating prices and multiple offers, March did bring some good news. It set a record for volume of new listings received improving selection,\u201d said Anderson.<\/p>\n

The Board received 5,087 new listings in March, an increase of 91 per cent compared to March of last year, and 56 per cent more than were processed in February. The previous high for new listings was 4,458 in April 2008. Total active inventory for March was 5,012, a decrease of 18 per cent compared to last year\u2019s 6,083 active listings, however 22 per cent higher than February 2021.<\/p>\n

Baldev Gill, Chief Executive Officer of the Board, added, \u201cThe impact of the pandemic on the market cannot be overstated and as we know from the province\u2019s latest announcement, we are in a precarious situation currently. Since the end of the first lockdown in 2020, the real estate profession has led the way on protecting its members and the public.<\/p>\n

\u201cRealtors take this extra duty to protect their clients during private, in-person showings very seriously and will continue to remain vigilant until vaccines are rolled out to the greater population,\u201d added Gill.<\/p>\n

Across Fraser Valley, in March, the average number of days to sell a single-family detached home was 15 and a townhome was 14 days. Apartments took, on average, 31 days to sell.<\/p>\n

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