monthly housing statistics report<\/a> for February, the Fraser Valley Real Estate Board (FVREB) said that it received \u200b3,742 new listings last month, beating out February 2016\u2019s record of 3,283 new homes. This is a 75.3 per cent increase from January and marks a 14.6 per cent growth in listings from the same month in 2021.<\/p>\n\n\u201cAlthough the market is still far from balanced, it is encouraging to see new listings increase again for the second month in a row,\u201d said FVREB\u2019s president, Larry Anderson, in the report.<\/p>\n
\u201cWe\u2019re hopeful that this trend will be sustained leading into the spring season as more sellers come on stream to help soften the market and provide opportunities for the many buyers who\u2019ve been sidelined over the past year and a half,\u201d he added.<\/p>\n
Monthly sales and active listings on the rise<\/h3>\n
Across the MLS, the FVREB processed 1,824 sales for all property types in February, down 35.2 per cent yearly but up 39.2 per cent compared to the previous month. Sales are said to be staying strong at 18 per cent above the region\u2019s 10-year average.<\/p>\n
By the end of February, there were 3,790 total active listings available for purchase, down eight per cent from February 2021. However, active listings rose 62.5 per cent compared to what was available by the end of January, the largest month-over-month increase in active listings in 20 years for the region.<\/p>\n
\u201cBuyers are looking for value for their real estate dollar and the Fraser Valley market still delivers compared to other regions throughout the Lower Mainland,\u201d said Baldev Gill, CEO of the Fraser Valley Real Estate Board, in the report.<\/p>\n
\u201cThat said, supply fundamentals continue to be the number one issue facing real estate markets in all regions across the province. Until there is a concerted effort to address inventory, buyers will continue to face challenging market conditions,\u201d he added.<\/p>\n
Prices move up for all property types<\/h3>\n
In February, an apartment took an average of 12 days to sell in the Fraser Valley. Meanwhile, the price of an apartment grew 7.1 per cent monthly and 36.3 per cent yearly to a benchmark of $614,800.<\/p>\n
Single-family detached homes took slightly longer to sell, with an average of 13 days on the market. The benchmark price of a single-family detached property nudged up 6.5 per cent from January and soared 43.6 per cent year-over-year to $1,670,800.<\/p>\n
Townhomes took the least amount of time to sell, with an average of 11 days on the marketplace. The benchmark price of a townhome, now worth $840,900, rose 5.6 per cent month-over-month and increased 40.1 per cent compared to February 2021.<\/p>\n
![\"Fraser](\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2022\/03\/fraser-valley.jpg\")
<\/a>Photo:\u00a0Andrew<\/a> \/ Adobe Stock<\/em><\/p>\n