May 2021, Real Estate Overview
In May, the Fraser Valley Board received the second-highest volume of new listings ever; approaching May 2018 levels. The Board received 3,926 new listings in May, an increase of 78 per cent compared to last year.
Of the 3,926 new listings that were received last month, 2,951 sold. From this, we can conclude that we are still a strong sellers market. It is a good thing we are seeing such high number of listings hit the market in order to serve the high demand that is still evident in this marketplace.
In the last three months, buyers have 40 per cent more inventory to look at in the Fraser Valley and it’s allowed them to take back a little control.
I had a townhome listed in Chilliwack this past week. We had 2 showings which generated 2 offers. Within the first week, we had sold the home for $5,000 over the list price with my sellers preferred closing dates. The takeaway is that buyer demand is still strong, but the increase in supply has given buyers more to choose from. So, while we are seeing a reduced number of showings per listing, the end result is still generating strong sale prices.