Many have been wondering if the Surrey Real Estate market would bounce back after the abrupt slow down in March caused by the COVID 19 pandemic. Well bounce-back it has … July sales and new listings reached near record-setting numbers.
The Fraser Valley Real Estate Board’s Multiple Listing Service saw the second-highest number of both property sales and new listings ever recorded in July!
The FVREB processed a total of 2,100 SALES in July, an increase of 22.2 per cent compared to sales in June and an increase of 44 per cent compared to the 1,458 sales during July of last year. Last month’s sales were 25.5 per cent above the ten year average for July and second only to July 2015.
Chris Shields, President of the Board, observes, “In the context of the current pandemic environment, our market is
significantly ahead of what we anticipated. We’re seeing market conditions representing a seller’s market for
townhomes and single-family homes in the Fraser Valley. We attribute this to ongoing pent-up demand from what would have been a strong spring market for us; and near record-setting low interest rates.”
Buyers should take note that in some of our communities, the lack of supply and increase in demand is putting upward pressure on home prices. The average price of a detached home in our region set a record high in July, last set two years ago during the same month.
The Fraser Valley Board received 3,549 NEW LISTINGS in July, a 2.7 per cent increase compared to June’s intake of 3,456 new listings and a 26.9 per cent increase compared to July of last year. July’s new listings were 18.3 per cent above the ten-year average for the month and second only to July 2008. Last month finished with 7,341 active listings, an increase of 3.9 per cent compared to June’s inventory and a decrease of 12 per cent year-over-year.
Baldev Gill, Chief Executive Officer of the Board, adds …
“The real estate profession has worked hard to make the buying and selling process safe during this pandemic and consumers have responded. Homeownership is a prudent, long-term investment strategy that isn’t as vulnerable to short-term fluctuations, and in this period of economic uncertainty, it’s encouraging to see the strong demand currently for Fraser Valley real estate.”
And the numbers don’t lie. Take a look at the average July sale prices below …
The average sale price of a detached home in Surrey and Cloverdale reached $1,106,942. Townhomes $583,190 and Condos $459,000
For South Surrey and White Rock detached homes, $1,576,597. Townhomes $692,147 and Condos $583,675
If you are curious what your home may be worth give us a call. We can help you make informed decisions about timing and pricing in these unprecedented conditions.