A housing shortage continues to challenge the Fraser Valley Real Estate Board (FVREB), which is reporting another good month for sales as well as another bad month for new listings.
Sales were the third highest on record in October, but their home inventory is half what it was in the same month last year.
That drives prices up, according to Larry Anderson, chairman of the board.
“What we’re seeing is a combination of above-average sales and below-average new listings, which is putting strong upward pressure on house prices, across all residential categories, from a month to month,” he said.
“This is a very difficult time, especially for buyers. I sympathize with clients who have been trying to buy a home for over a year without success after several attempts.
The commission processed a total of 1,938 sales in October, an increase of 3.9% from September, but a decrease of 18.2% from last year.
It’s been a year of record sales, but new listings have fallen steadily since July and are well below 2020 numbers. FVREB called it the “worst supply shortage in 40 years” in September.
New listings rebounded slightly in September, but fell again in October. The board received 2,188 new registrations for the month, down 6.6% from September and down 29% from October last year.
Active inventory at the end of the month was 3,447, down 9.6% from September and down 49.8% from October last year.
It took an average of 28 days to sell a single family home, 18 days for a townhouse and 27 days for an apartment.
Detached Single Family:
At $1,396,700, the benchmark price for a FVREB single-family home was up 2.5% from September 2021 and 33.4% from October 2020.
At $720,500, the benchmark price for a FVREB townhouse was up 1.9% from September 2021 and 26.6% from October 2020.
At $514,200, the benchmark price for an FVREB apartment/condo was up 1.9% from September 2021 and 18.3% from October 2020.
Fraser ValleyReal Estate