The stats for the month of January 2022 were released by the Fraser Valley Real Estate Board this week. Here are the key infographics to summarize the state of the housing market here.
It is obvious that price increases between 30-42% between January 2021 to January 2022 have been nothing short of incredible. The robust price lifts have been breathtaking. The sales to active ratios are unbelievably high and show that a very strong seller's market remains intact. This is further shown by how quickly listed homes sold in relatively short periods of time. The average days on market figures are very low at 25 days for detached homes, 12 days for townhomes and only 17 days for apartments. In other words, homes continued to sell FAST.
There is strength across the board in Fraser Valley residential real estate. Whether it's North Delta, Surrey, Langley or Abbotsford, homes are selling fast and for what seem to be (for now) ever-escalating prices. All of this was in the context of there being a relatively low inventory of homes for sale.
The decline in overall sales, in January 2022 compared to January 2021 may simply be due to not enough inventory of homes being available for sale. However, as noted by the President of the Fraser Valley Real Estate board, change may be in the wind, as there appears to be an early indication that new listings may be rising.
2022 is shaping up to be another eventful year in Fraser Valley residential real estate. Please look for my monthly newsletter, that will take a deeper dive into the individual property types, across the different cities, in the region.