The Fraser Valley real estate market saw highest number of new listings in August within the last two decades.

AUGUST 2020 MARKET REPORT

Fraser Valley Real Estate Report

August was another record setting month for real estate in the Fraser Valley. 

Despite the pandemic, consumers are active in the market and taking advantage of low interest rates.  This combined with low inventory in most areas, is resulting in strong competition for good homes that are priced well. 

See Listed Properties For Sale in Langley BC

Part way through September, this has not changed even with people focused on the kids going back to school.  As always, reach out to anyone on the team to discuss how this impacts your situation and where the opportunities lie

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 UP FROM LAST MONTH: 1.2%
• Townhouse – SALES DOWN FROM LAST MONTH: -7.0%
• Condo/Apt – SALES DOWN FROM LAST MONTH: -1.9%

Abbotsford

• Detached – SALES UP FROM LAST MONTH: 2.8%
• Townhouse – SALES DOWN FROM LAST MONTH: -7.3%
• Condo/Apt – SALES UP FROM LAST MONTH: 7.9%

Mission

• Detached – SALES FROM LAST MONTH: 0.0%
• Townhouse – SALES DOWN FROM LAST MONTH: -20.0%
• Condo/Apt – SALES FROM LAST MONTH: 0.0%

White Rock / South Surrey

• Detached – SALES DOWN FROM LAST MONTH: -15.4%
• Townhouse – SALES UP FROM LAST MONTH: 2.2%
• Condo/Apt – SALES UP FROM LAST MONTH: 4.0%

Langley

• Detached – SALES UP FROM LAST MONTH: 3.1%
• Townhouse – SALES DOWN FROM LAST MONTH: -27%
• Condo/Apt – SALES DOWN FROM LAST MONTH: -16.0%

Delta – North

• Detached – SALES UP FROM LAST MONTH: 5.0%
• Townhouse – SALES DOWN FROM LAST MONTH: -21.4%
• Condo/Apt – SALES UP FROM LAST MONTH: 40.0%

Surrey – Central

• Detached – SALES UP FROM LAST MONTH: 1.1%
• Townhouse – SALES DOWN FROM LAST MONTH: -3.0%
• Condo/Apt – SALES DOWN FROM LAST MONTH: -17.9%

Surrey – Cloverdale

• Detached – SALES UP FROM LAST MONTH: 2.9%
• Townhouse – SALES UP FROM LAST MONTH: 17.7%
• Condo/Apt – SALES FROM LAST MONTH: 0.0%

Surrey – North

• Detached – SALES UP FROM LAST MONTH: 21.6%
• Townhouse – SALES FROM LAST MONTH: 0.0%
• Condo/Apt – SALES UP FROM LAST MONTH: 5.6%

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

Sales and new listings continue to set records in the Fraser Valley

SURREY, BC – The Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) saw the second highest number of property sales and the highest number of new listings in August within the last two decades, when 2,298 sales were recorded in August 2005.

The FVREB processed a total of 2,039 sales in August, a decrease of 2.9 per cent compared to sales in July, but an increase of 57.2 per cent compared to the 1,297 sales during August of last year. Last month’s sales were 39 per cent above the ten-year average for August, representing the highest August in the last decade and second only to what was recorded back in August 2005.

Chris Shields, President of the Board, indicated that, “we are seeing better sales volumes increase month over month because buyers are recognizing that the Fraser Valley offers increased choice and diversified housing opportunities, while offering more value as well.”

“In an unusual situation given the pandemic, we remain cautiously optimistic and are encouraged by the numbers we are seeing,” added Shields.

The Fraser Valley Board received 3,309 new listings in August, a 6.8 per cent decrease compared to July’s intake of 3,549 new listings and a 40.4 per cent increase compared to August of last year. August’s new listings were 28.9 per cent above the ten-year average for the month, the highest in the last ten years.  Last month finished with 7,404 active listings, an increase of 0.9 per cent compared to July’s inventory and a decrease of 7.9 per cent year-over-year.

Baldev Gill, Chief Executive Officer of the Board, adds, “the highly competitive market with multiple offers and shorter days on market for various properties, provides further indication of the role REALTORS® are playing in this market. What we hear from our Realtor members is how consumers are seeking their guidance, advice and expertise during these unusual times.”

In August, the average number of days to sell an apartment was 36; 24 for townhomes, and 31 for single family detached.

MLS® HPI Benchmark Price Activity

• Single Family Detached: At $1,019,600, the Benchmark price for a single-family detached home in the Fraser Valley increased 1.2 per cent compared to July and, increased 6.9 per cent compared to August 2019.
• Townhomes: At $563,900, the Benchmark price for a townhome in the Fraser Valley increased 0.1 per cent compared to July and increased 3 per cent compared to August 2019.
• Apartments: At $437,300, the Benchmark price for apartments/condos in the Fraser Valley remain unchanged compared to July and increased 4 per cent compared to August 2019.

Find the August Statistics Package here.

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