The unrelenting demand for property in the Fraser Valley continues into February 2021. In the 100 year history of the Fraser Valley Real Estate Board, the sheer quantity of sales over the past six months have never been seen. The FVREB processed 2,815 sales for the month of February 2021, shattering records at 88% higher than the ten-year average for sales in the month of February, and 64% more than January 2021.
“This is new territory for us. We have never seen such consistent and persistent demand for housing in the Fraser Valley,” remarks Chris Shields, President of the Board. “What’s fueling the demand is the combination of record‐low interest rates and the response to the pandemic. It’s not something that could have been predicted and it has created a very complex market for buyers that requires the knowledge and expertise of a professional. For family‐sized homes, prices climbed 3 to 5 per cent in February alone and sold on average in three weeks. We understand the stress and frustration with the market currently and we’re here to help guide and protect home buyers.”
The market continues to heavily favour sellers, and I highly recommend anyone considering selling their home to take advantage of the current market conditions. The demand for property in the Fraser Valley has never been seen before, and I am here to help you navigate this booming real estate market.
The Board processed 2,815 sales of all property types on its Multiple Listing Service® (MLS®) in February 2021. 93 sales took place in Mission — a 12.9% increase in sales from this month last year. 80 detached homes were sold in February 2021, compared to 35 in February 2020.
Active listings in Mission for detached homes and townhomes decreased by 63.9% and 82.8% respectively compared to this month last year, generating the unprecedented demand for real estate in the Fraser Valley.
Mission Real Estate Statistics
- 77 new listings in February 2021 compared to 62 in January 2021.
- 93 sales of all property types in February 2021, up from 53 sales in January 2021.
- The number of active listings in Mission for all property types decreased by 33% compared to last month.
- Mission’s Benchmark Price for detached homes in February 2021 was $822,800 compared to $668,300 in February 2020, an increase of 23.1%.
There has never been a better time to sell your home! I am here to help you take advantage of this unprecedented demand for homes in the Fraser Valley. Whether you’re thinking of buying or selling, it’s important to have an experienced Realtor to help you navigate this competitive market. If you have any questions about real estate in Mission or would like a complimentary home evaluation, give me a call at 604-302-0177 or email me at [email protected] – let’s talk!