Fraser Valley real
estate market contracts and adapts in response to public health measures to
mitigate COVID-19
SURREY, BC – As anticipated, real estate activity saw a steep decline last
month
in response to the pandemic lockdown, resulting in one of the slowest
Aprils in
Fraser Valley history.
The Fraser Valley Real
Estate Board (FVREB) processed a total of 688 sales on
its Multiple Listing
Service® (MLS®) in April, a decrease of 52 per cent compared
to sales in
March and a decrease of 50 per cent compared to April of last year.
According
to FVREB historical data, last month’s sales were on par with April
sales in
1983 through to 1985; and new listings are in line with numbers last
seen in
April 1981.
Chris Shields,
President of the Board, observes, "Even though March’s initial
numbers
promised a banner spring, we expected the market to respond this way
in
April. Both sales and listings contracted in tandem as we all moved swiftly
to
embrace the measures necessary to respond to this global pandemic. Given
that
the volume of new listings coming on stream fell even faster than sales
in April,
the market remains stable."
 "What has been most impressive is how the industry – both REALTORS® and
our clients – have pivoted and adapted to innovations such as live streaming
open houses and e-transactions that we anticipate will become mainstream
even
when physical distancing is no longer a requirement. These tools not only
ensure public safety; clients appreciate their speed and efficiency."
 The Fraser Valley Board received 1,416 new listings in April, a 47 per cent
decrease compared to March’s intake of 2,666 new listings and a 58 per cent
decrease compared to April of last year. April finished with 5,997 active
listings,
a decrease of 1 per cent compared to March’s inventory and a
decrease of
24 per cent year-over-year.
 Shields adds, "Although we’re seeing fewer transactions, it’s important to
emphasize that Realtors are still advising and protecting their clients
every day.
We were deemed a non-health essential service because there are
always people
who need to buy or sell a home, potentially due to the economic
downturn.
So, for those who need real estate guidance now, or who want to
start preparing
for the pending market rebound, feel free to call your
Realtor to get the advice
you need."
In April, the average
number of days to sell an apartment was 31; 30 for
townhomes and 33 for
single family detached.
MLS® HPI
Benchmark Price Activity
For the full Listing Statistics Package click HERE
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