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.
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