Fraser Valley Real Estate Market March 2020

Fraser Valley Real Estate Market March 2020

COVID-19 has put the market on pause, as REALTORS® and the public adhere to health authority rules and government guidelines on the pandemic.

MARCH 2020 MARKET REPORT

Fraser Valley Real Estate Report

Despite the impact of COVID-19, the Fraser Valley Real Estate Board reported very strong sales data in March 2020; up significantly from last month and from March of 2019. 

The bulk of these sales, however, were in the first two weeks of the month.  Prices were increasing and we were seeing many homes go into multiple offers. 

After this, the preliminary effects of COVID-19 were beginning to be felt as sales dropped dramatically for the remainder of the month. 

There are still some deals coming together out there, but overall the market has hit the pause button. 

See Listed Properties For Sale in Langley BC

Once the world starts to normalize, we expect to be off to the races.  As always, reach out anytime if you want to discuss the state of the market and how it affects your situation.

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: 8.2%
  • Townhouse – SALES UP FROM LAST MONTH: 12.9%
  • Condo/Apt – SALES UP FROM LAST MONTH: 5.1%

Abbotsford

  • Detached – SALES UP FROM LAST MONTH: 16.9%
  • Townhouse – SALES UP FROM LAST MONTH: 54.5%
  • Condo/Apt – SALES UP FROM LAST MONTH: 33.3%

Mission

  • Detached – SALES UP FROM LAST MONTH: 17.1%
  • Townhouse – SALES UP FROM LAST MONTH: 12.5%
  • Condo/Apt – SALES UP FROM LAST MONTH: 200.0%

White Rock / South Surrey

  • Detached – SALES UP FROM LAST MONTH: 20.8%
  • Townhouse – SALES UP FROM LAST MONTH: 30.0%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -22.2%

Langley

  • Detached – SALES DOWN FROM LAST MONTH: -20.9%
  • Townhouse – SALES DOWN FROM LAST MONTH: -12.9%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -5.4%

Delta – North

  • Detached – SALES UP FROM LAST MONTH: 8.1%
  • Townhouse – SALES UP FROM LAST MONTH: 114.3%
  • Condo/Apt – SALES UP FROM LAST MONTH: 133.3%

Surrey – Central

  • Detached – SALES UP FROM LAST MONTH: 3.8%
  • Townhouse – SALES CHANGE FROM LAST MONTH: 0.0%
  • Condo/Apt – SALES UP FROM LAST MONTH: 4.0%

Surrey – Cloverdale

  • Detached – SALES UP FROM LAST MONTH: 22.5%
  • Townhouse – SALES UP FROM LAST MONTH: 11.1%
  • Condo/Apt – SALES CHANGE FROM LAST MONTH: 0.0%

Surrey – North

  • Detached – SALES UP FROM LAST MONTH: 23.1%
  • Townhouse – SALES UP FROM LAST MONTH: 33.3%
  • Condo/Apt – SALES UP FROM LAST MONTH: 13.5%

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

March sales and new listing data show preliminary impact of COVID-19 on Fraser Valley housing market

SURREY, BC – The most up to date Multiple Listing Service® (MLS®) data from the Fraser Valley Real Estate Board (FVREB) indicates COVID-19 has put the market on pause, as REALTORS® and the public adhere to health authority rules and government guidelines on the pandemic.

By the end of March, the FVREB processed a total of 1,441 sales on its MLS®, a 7 per cent increase compared to sales in February 2020, and an 18 per cent increase compared to the 1,221 sales in March 2019. During the first seven business days of the month, property sales were tracking 60 per cent higher compared to the same period in March of last year, however finished significantly lower.

Chris Shields, President of the Board, observes, “Sales were steadily increasing as is typical moving into spring, and then understandably and necessarily, they started to decline. We serve the public and we understand it is very challenging to buy or list a home while maintaining physical distancing, however if you need us, know that we are here for you.”

“We are grateful that the BC government has designated real estate an essential service, and accordingly, our industry has implemented numerous measures to mitigate and manage risk. We have suspended open houses, restricted showings, pivoted to using technology as much as possible, and are urging Realtors in the middle of completing transactions with their clients to do so electronically.”

The Board received 2,666 new listings in March, a 4 per cent increase compared to February’s intake of 2,557 new listings. In the lead up to March 10, new listings were tracking 3 per cent higher compared to the same period last year.

By month end, new listings finished 7 per cent lower compared to March of last year taking the number of active listings to 6,083, an increase of 6 per cent compared to February’s inventory and a decrease of 13 per cent year-over-year.

Shields adds, “A Realtor’s duty is to protect our clients. Now, as a society, we all have a duty. We are urging consumers to follow all recommended health and government guidelines and are committed to doing our part for as long as necessary.”

In March, the average number of days to sell an apartment was 27; 28 for townhomes and 38 for single family detached.

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $988,500, the Benchmark price for a single-family detached home in the Fraser Valley increased 1.8 per cent compared to February and, also increased 2.6 per cent compared to March 2019.
  • Townhomes: At $549,600*, the Benchmark price for a townhome in the Fraser Valley increased 0.7 per cent compared to February and increased 1.3 per cent compared to March 2019.
    *
    Effective Mar 2020, MLS® HPI for townhomes updated and revised back to Jan 2005
  • Apartments: At $423,200, the Benchmark price for apartments/condos in the Fraser Valley increased 2.1 per cent compared to February and increased 1.2 per cent compared to March 2019.

Find the March Statistics Package here.


Are you a stats geek?

Want to see a breakdown of all the numbers yourself? Sign up for a Full Monthly Statistics Package every month.

Get The Full Monthly Statistics Package

    Your Name & Email (required)




     

    Schreder Brothers

    The Schreder Brothers provide a value-added approach ensuring their client’s real estate venture is handled in the most profitable manner by involving team players with a wealth of knowledge spanning across many areas of real estate.

    Related Post

    We’re Hiring!

    We’re Hiring!

    16729 108A Avenue

    16729 108A Avenue

    #61 – 21928 48 Avenue

    #61 – 21928 48 Avenue