For the sixth consecutive month, Fraser Valley’s real estate market experienced property sales at levels never seen before in the 100-year history of the Fraser Valley Real Estate Board.
February 2021 saw 108% more SALES (not just listings) compared to February of 2020 and 64% more sales than January 2021. Give this girl a red bull!
My biggest surprise with the stats this month was that townhomes were the most competitive compared to condos and detached. Townhomes had a 148% sales-to-active ratio, meaning if there were 100 townhomes for sale in February, 148 of them would have sold (the extra 48 would be carry over from previous month). This leads me into my personal story below!
Personal Story For February
I submitted an offer for my clients (Buyers) last week on a Willoughby townhome. This particular listing agent chose to undercut the list price by $75,000 from the previous sale in the same complex which sold the previous week and had the same same specs (3 beds, 2.5 baths).
We offered a subject free offer of $95,000 over ask, and $25,000 over the last sale and didn’t get the property 🙁
It is a bit of a pet peeve of mine when agents undercut the price by that much. I understand a few thousand dollars to list it sharp, but close to $100,000 for a townhome is frustrating to the Buyers for sure. Rant over.
I will be interested to see what the Spring market brings, I am hoping more inventory.
Full stats package here.
I am so excited about my new Fort Langley brick beauty that hit the market today! located at 23123 96th Avenue. If you have been to Fort Langley recently, I am sure it has caught your eye – see full property details and photos here