Fraser Valley Real Estate Market April 2020

Fraser Valley Real Estate Market April 2020

Steep decline last month in response to the pandemic lockdown, resulting in one of the slowest Aprils in Fraser Valley history.

APRIL 2020 MARKET REPORT

Fraser Valley Real Estate Report

As anticipated, the number of sales and new listings was down drastically in April due to COVID-19 and related social distancing measures. 

Good homes that are well priced are still moving though, as the drop in sales is primarily attributed to a huge decrease in active listings. 

While people were determining how to be safe and figure out this whole social distancing thing, they were not comfortable listing their homes or even pulled their existing listings. 

As people are becoming more confident in how to handle the pandemic and take the necessary precautions, we are starting to see new listings pop up again.   

We fully expect that as soon as the pandemic starts to calm down and social distancing restrictions are relaxed, there will be a flurry of new listings and sales. 

See Listed Properties For Sale in Langley BC

We are preparing for a very busy summer in real estate.  Reach out to anyone on the team to discuss further the impacts of COVID-19 on the current market, how we are handling it and our expectations of the market just around the corner.

If you are considering selling, buying or just have questions about the market, please give us a call today and let’s chat.

GO TO LAST MONTHS STATS



All Fraser Valley Areas Combined

  • Detached – SALES DOWN FROM LAST MONTH: -54.0%
  • Townhouse – SALES DOWN FROM LAST MONTH: -48.1%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -54.7%

Abbotsford

  • Detached – SALES DOWN FROM LAST MONTH: -54.4%
  • Townhouse – SALES DOWN FROM LAST MONTH: -39.2%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -38.5%

Mission

  • Detached – SALES DOWN FROM LAST MONTH: -31.7%
  • Townhouse – SALES DOWN FROM LAST MONTH: -66.7%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -66.7%

White Rock / South Surrey

  • Detached – SALES DOWN FROM LAST MONTH: -58.6%
  • Townhouse – SALES DOWN FROM LAST MONTH: -46.2%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -34.7%

Langley

  • Detached – SALES DOWN FROM LAST MONTH: -45.8%
  • Townhouse – SALES DOWN FROM LAST MONTH: -39.2%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -54.3%

Delta – North

  • Detached – SALES DOWN FROM LAST MONTH: -55.0%
  • Townhouse – SALES DOWN FROM LAST MONTH: -86.7%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -85.7%

Surrey – Central

  • Detached – SALES DOWN FROM LAST MONTH: -60.7%
  • Townhouse – SALES DOWN FROM LAST MONTH: -57.1%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -65.4%

Surrey – Cloverdale

  • Detached – SALES DOWN FROM LAST MONTH: -55.1%
  • Townhouse – SALES DOWN FROM LAST MONTH: -22.5%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -50.0%

Surrey – North

  • Detached – SALES DOWN FROM LAST MONTH: -54.7%
  • Townhouse – SALES DOWN FROM LAST MONTH: -65.6%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -68.3%

What Does The Fraser Valley Real Estate Board Have To Say?

Fraser Valley real estate market contracts and adapts in response to public health measures to mitigate COVID-19

SURREY, BC – As anticipated, real estate activity saw a steep decline last month in response to the pandemic lockdown, resulting in one of the slowest Aprils in Fraser Valley history.

The Fraser Valley Real Estate Board (FVREB) processed a total of 688 sales on its Multiple Listing Service® (MLS®) in April, a decrease of 52 per cent compared to sales in March and a decrease of 50 per cent compared to April of last year.

According to FVREB historical data, last month’s sales were on par with April sales in 1983 through to 1985; and new listings are in line with numbers last seen in April 1981.

Chris Shields, President of the Board, observes, “Even though March’s initial numbers promised a banner spring, we expected the market to respond this way in April. Both sales and listings contracted in tandem as we all moved swiftly to embrace the measures necessary to respond to this global pandemic.  Given that the volume of new listings coming on stream fell even faster than sales in April, the market remains stable.”

“What has been most impressive is how the industry – both REALTORS® and our clients – have pivoted and adapted to innovations such as live streaming open houses and e-transactions that we anticipate will become mainstream even when physical distancing is no longer a requirement. These tools not only ensure public safety; clients appreciate their speed and efficiency.”

The Fraser Valley Board received 1,416 new listings in April, a 47 per cent decrease compared to March’s intake of 2,666 new listings and a 58 per cent decrease compared to April of last year. April finished with 5,997 active listings, a decrease of 1 per cent compared to March’s inventory and a decrease of 24 per cent year-over-year.

Shields adds, “Although we’re seeing fewer transactions, it’s important to emphasize that Realtors are still advising and protecting their clients every day. We were deemed a non-health essential service because there are always people who need to buy or sell a home, potentially due to the economic downturn.  So, for those who need real estate guidance now, or who want to start preparing for the pending market rebound, feel free to call your Realtor to get the advice you need.”

In April, the average number of days to sell an apartment was 31; 30 for townhomes and 33 for single family detached.

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $993,400, the Benchmark price for a single-family detached home in the Fraser Valley increased 0.5 per cent compared to March and, also increased 3.0 per cent compared to April 2019.
  • Townhomes: At $553,200, the Benchmark price for a townhome in the Fraser Valley increased 0.7 per cent compared to March and increased 1.4 per cent compared to April 2019.
  • Apartments: At $424,100, the Benchmark price for apartments/condos in the Fraser Valley increased 0.2 per cent compared to March and increased 0.8 per cent compared to April 2019.

Find the April Statistics Package here.


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    James Munroe

    James Munroe - Serp Media Group | James works with clients to improve their online presence, brand perception and marketing efforts through Digital Media.

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