Fraser Valley Real Estate Market May 2020

Fraser Valley Real Estate Market May 2020

In May, Fraser Valley listings and property sales started to bounce back.

MAY 2020 MARKET REPORT

Fraser Valley Real Estate Report

There is a definite buzz in the Fraser Valley real estate market over the last couple of weeks. 

As we have entered phase 2 and covid restrictions are beginning to lift, people are becoming more and more comfortable with getting out and viewing homes. 

Realtors adapted quickly with new protocol and safety measures to mitigate risk and ensure that their clients were safe. 

The continued lack of inventory is resulting in buyers having to compete for quality homes. 

See Listed Properties For Sale in Langley BC

We expect this to continue as more and more buyers get off the shelf and inventory remains low.  

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: 9.0%
  • Townhouse – SALES UP FROM LAST MONTH: 11.5%
  • Condo/Apt – SALES UP FROM LAST MONTH: 27.3%

Abbotsford

  • Detached – SALES UP FROM LAST MONTH: 34.1%
  • Townhouse – SALES UP FROM LAST MONTH: 6.5%
  • Condo/Apt – SALES UP FROM LAST MONTH: 15.6%

Mission

  • Detached – SALES DOWN FROM LAST MONTH: -21.4%
  • Townhouse – SALES UP FROM LAST MONTH: 33.3%
  • Condo/Apt – SALES UP FROM LAST MONTH: 50.0%

White Rock / South Surrey

  • Detached – SALES UP FROM LAST MONTH: 11.1%
  • Townhouse – SALES UP FROM LAST MONTH: 17.1%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -3.1%

Langley

  • Detached – SALES UP FROM LAST MONTH: 51.3%
  • Townhouse – SALES UP FROM LAST MONTH: 15.6%
  • Condo/Apt – SALES UP FROM LAST MONTH: 56.3%

Delta – North

  • Detached – SALES DOWN FROM LAST MONTH: -22.2%
  • Townhouse – SALES UP FROM LAST MONTH: 100%
  • Condo/Apt – SALES UP FROM LAST MONTH: 400%

Surrey – Central

  • Detached – SALES DOWN FROM LAST MONTH: -22.6%
  • Townhouse – SALES UP FROM LAST MONTH: 9.5%
  • Condo/Apt – SALES FROM LAST MONTH: 0.0%

Surrey – Cloverdale

  • Detached – SALES UP FROM LAST MONTH: 22.7%
  • Townhouse – SALES DOWN FROM LAST MONTH: -22.6%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -30.0%

Surrey – North

  • Detached – SALES UP FROM LAST MONTH: 10.3%
  • Townhouse – SALES UP FROM LAST MONTH: 72.7%
  • Condo/Apt – SALES UP FROM LAST MONTH: 53.1%

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

Housing market activity picks up in the Fraser Valley as buyers and sellers adapt to the new environment

SURREY, BC – In May, Fraser Valley listings and property sales started to bounce back as REALTORS® helped their clients adjust to the new, necessary safety measures required to buy and sell a home during the provincial state of emergency due to COVID-19.

The Fraser Valley Real Estate Board (FVREB) processed a total of 805 sales on its Multiple Listing Service® (MLS®) in May, an increase of 17 per cent compared to sales in April and a decrease of 47 per cent compared to the 1,517 sales during May of last year.

Chris Shields, President of the Board, observes, “This is an encouraging sign. Real estate is an essential service and it’s one of the most important economic drivers in BC’s economy.

“Realtors and consumers deserve to be congratulated. It’s not easy to adapt quickly to physical distancing, virtual tools and strict personal safety protocols and yet we’re seeing more and more transactions happening daily as we all get more comfortable and confident with the new normal.”

The Fraser Valley Board received 2,207 new listings in May, a 56 per cent increase compared to April’s intake of 1,416 new listings and a 38 per cent decrease compared to May of last year. May finished with 6,454 active listings, an increase of 8 per cent compared to April’s inventory and a decrease of 24 per cent year-over-year.

Shields adds, “Although our overall numbers remain significantly lower than seasonal norms, it’s to be expected. The market is resilient and as all of us continue to work together responsibly for the betterment of public safety, it will continue to improve.

“It’s important for buyers to note that prices overall remain stable. We’re not seeing a lot of downward pressure on prices because for many areas there is a shortage of inventory. We’re even seeing multiple offer situations currently where buyers are paying asking price. When supply and demand stay in balance, prices remain relatively firm.”

In May, the average number of days to sell an apartment was 38; 36 for townhomes and 31 for single family detached.

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $990,400, the Benchmark price for a single-family detached home in the Fraser Valley decreased 0.2 per cent compared to April and, increased 2.7 per cent compared to May 2019.
  • Townhomes: At $555,000, the Benchmark price for a townhome in the Fraser Valley increased 0.4 per cent compared to April and increased 1.8 per cent compared to May 2019.
  • Apartments: At $433,700, the Benchmark price for apartments/condos in the Fraser Valley decreased 1.0 per cent compared to April and increased 1.0 per cent compared to May 2019.

Find the May 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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