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 processed a total of 805 sales on its Multiple Listing Service 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 and sellers to note that prices overall remain stable.
There are some signs of the beginning of a downward curve, mostly in the detached category, but for now we are not seeing a lot of downward pressure on prices because for many areas there is still a shortage of inventory. When supply and demand stay in balance, prices remain relatively firm.
If you have been considering a move in 2020 we are recommending sellers list their home asap. With our economy so highly dependent on the pandemic for the foreseeable future we can’t be sure how the next few months are going to play out. But right now (with economic re-opening) there is a window of opportunity for sellers (and buyers) to achieve their real estate goals.
We are also recommending sellers stay “sale-focused” … at least for the first phase of the listing process. We understand this is easier said than done but sale price and duration on the market is hard to predict right now. Once your home has been on the market for a couple weeks we will have a much better gauge of market response, anticipated sale price and thus timing for your purchase.
In the Fraser Valley in May, the average number of days to sell an apartment was 38; 36 for townhomes and 31 for single family detached.
For a quick snapshot of sales stats in your area email us a request at firstname.lastname@example.org
In the meantime, here are some general stats to consider …
- 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.
Every month, our Board president summarizes the most up-to-date MLS sales data for our region in a two to three minute video. Watch the latest video to get the highlights and insights for May 2020.