VIDEO MARKET REPORTS BELOW
MARKET REPORT
We are well into 2021 with January starting off with a BANG!
The headlines continue to read that the Real Estate Market is heating up, especially for Single Detached homes in the Fraser Valley!
Why is this happening?
Well, many of the same things I have mentioned before: (1) Low Interest Rates that will seem to remain low for a longer period of time (2) Pent Up Demand due to families spending less on going out for meals and traveling (3) A confidence in the Canadian Economy (4) some large Capital Federal and Provincial projects coming up (5) and less inventory creates a heated multiple offer opportunity.
This is backed up by FVREB President, Chris Shields who says this:
“Buyers are very motivated right now… Lending rates are the lowest they’ve ever been, your housing dollar goes further in the Fraser Valley and we’ve seen a societal shift in the last year in how people value their homes. People are asking us to find them more space.
MLS® HPI Benchmark Price Activity (FVREB)
Single Family Detached: At $1,106,500, the Benchmark price for an FVREB single-family detached home increased 2.5 per cent compared to December 2020 and increased 15.2 per cent compared to January 2020.
Townhomes: At $580,800, the Benchmark price for an FVREB townhome increased 0.8 per cent compared to December 2020 and increased 7.2 per cent compared to January 2020.
Apartments: At $439,800, the Benchmark price for an FVREB apartment/condo increased 0.3 per cent compared to December 2020 and increased 4.4 per cent compared to January 2020.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,389 in January 2021, a 52.1 per cent increase from the 1,571 sales recorded in January 2020, and a 22.8 per cent decrease from the 3,093 homes sold in December 2020.
Last month’s sales were 36.4 per cent above the 10-year January sales average.
“With home sale activity well above our January average, the supply of homes for sale isn’t able to keep pace,” Colette Gerber, REBGV Chair said. “This is causing increased competition amongst home buyers and upward pressure on prices.”
The Long and the Short of it is, if you are thinking of SELLING, today is the day. Get your home ready and I would be happy to assist you in all of that.
I have a team that helps you throughout the process, from Staging Consulting, Financial Planning and of course Marketing your home for best results.
SNAP STATS BELOW
Contact me for specific SNAP STATS for your Neighbourhood and Area!
sold@brentweick.com or 604-657-2660
