The Fraser Valley Real Estate Board recently published the MLS® statistics for the Abbotsford real estate market, among others, for May 2021.
In this post, we’re going to take a close look at key numbers for the Abbotsford condominium market for May 2021 – including sales, new listings, active listings, as well as benchmark, median and average prices for condominiums for sale in Abbotsford.
We're also going to see what kind of shape the condominium market in Abbotsford was in for the month – whether it was a buyer's market, a balanced market, or a seller's market.
Demand hasn't changed. What's changed is supply. 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. We're seeing resistance to multiple offers and buyers adjusting their offers, or even waiting, because they have more selection. We're a long way from a balanced market, but supply is helping us to head in the right direction.
Larry Anderson – President, Fraser Valley Real Estate Board
And we're going to look at how the Abbotsford MLS® numbers for May 2021 compare with the numbers for May 2020 and for April 2021.
Highlights of FVREB MLS® Data on Abbotsford Condominium Listings and Sales
Here's a high-level snapshot of listing and sales activity for Abbotsford condominiums in May 2021.
- 138 Sales
- 179 New Listings
- 199 Active listings
- $371,600 Benchmark Price
- $370,000 Median Price
- $376,885 Average Price
The sales-to-active-listings ratio netted out a market absorption rate of 69.35%, indicating that it was a Seller's Market for condominiums in Abbotsford in May 2021 (click on the link learn more about local housing market ratios on the BC Real Estate Association blog).
Please note: If you want the most accurate and up-to-date data on Abbotsford MLS® listing and sales activity for condominiums, you need to speak with a real estate agent.
Abbotsford Condominium Market Changes
Following are some of the highlights for condominiums for sale in Abbotsford in May 2021:
- There were 138 condominium sales in Abbotsford in May 2021 – an increase of 272.97% over May 2020 and an increase of 1.47% over April 2021
- There were 179 new listings of condominiums in Abbotsford in May 2021 – an increase of 105.75% over May 2020 and a decrease of -2.72% over April 2021
- The average price of a condominium in Abbotsford in May 2021 was $376,885 – an increase of 29.11% over May 2020 and an increase of 3.64% over April 2021
If you're really keen to understand what happened in the market for condominium in Abbotsford in May 2021, make sure you check out the next section.
Detailed Overview of the Market for Condominiums in Abbotsford
Check out the table below for more detailed information on what happened in the Abbotsford condominium market in May 2021 and see how it compares with the previous year and previous month.
Abbotsford Condominium Stats
| Metric | May 2021 | May 2020 | % Change | Apr 2021 | % Change |
|---|---|---|---|---|---|
| Sales | 138 | 37 | 272.97% | 136 | 1.47% |
| New Listings | 179 | 87 | 105.75% | 184 | -2.72% |
| Active Listings | 199 | 251 | -20.72% | 193 | 3.11% |
| Benchmark Price | $371,600 | $314,200 | 18.27% | $362,700 | 2.45% |
| Median Price | $370,000 | $291,000 | 27.15% | $360,750 | 2.56% |
| Average Price | $376,885 | $291,908 | 29.11% | $363,663 | 3.64% |
Disclaimer
All of the data for the monthly real estate market updates are taken directly from the MLS® statistics packages that the Fraser Valley Real Estate Board publishes every month.
Although rare, errors and omissions may happen from time to time. If you want to be absolutely certain the you have the most accurate data, we encourage you to click on the link to the latest MLS® statistics for the Abbotsford real estate market.
Or, better still, speak directly with a real estate agent who specializes in Abbotsford condominiums who will be able to provide you with the most accurate, up to the minute information on – and insights into – the Abbotsford real estate market.