The unrelenting demand for property in the Fraser Valley housing market continued into February 2021. In the 100-year history of the Fraser Valley Real Estate Board (FVREB), the sheer quantity of sales over the past six months has never been seen. The FVREB processed 2,815 sales for February 2021. This shattered records, reaching 88% higher than the ten-year average for February sales. It also showed 64% more sales than in 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. “Record‐low interest rates and the response to the pandemic are fueling this demand. No one could have predicted this. It has created a very complex market for buyers. This market requires a professional’s knowledge and expertise. For family‐sized homes, prices climbed 3 to 5 per cent in February alone. They sold on average in three weeks. We understand the current stress and frustration. We are here to help guide and protect homebuyers.”
Mission, BC: February 2021 Sales and Listings
The Board processed 2,815 sales of all property types on its Multiple Listing Service® (MLS®) in February 2021. Mission saw 93 sales. This was a 12.9% increase in sales from February 2020. Specifically, 80 detached homes sold in February 2021, compared to 35 in February 2020.
Active listings in Mission show extreme demand. For detached homes, active listings decreased by 63.9% compared to February 2020. Townhome active listings also decreased significantly, by 82.8% compared to February 2020. This shortage generates unprecedented demand for real estate in the Fraser Valley.
Mission Real Estate Statistics: Key Figures
- New listings totaled 77 in February 2021. This compares to 62 in January 2021.
- 93 sales of all property types occurred in February 2021. This is up from 53 sales in January 2021.
- The number of active listings for all property types in Mission decreased by 33% compared to January 2021.
- Mission’s Benchmark Price for detached homes in February 2021 was $822,800. This marks a 23.1% increase compared to $668,300 in February 2020.
Act Now in This Seller’s Market
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 housing market. Whether you’re thinking of buying or selling, an experienced Realtor is important. They can 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!
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